The Estate Of Pablo Escobar Launches Crypto In An Effort To Fund President Trump’s Impeachment
The Estate of Pablo Escobar Launches Crypto In An Effort To Fund Trump’s Impeachment
Pablo Escobar’s estate, through his brother’s efforts, has announced plans to launch new crypto that is to be used in funding efforts to get President Donald Trump impeached. The news comes less than twenty-four hours after the family sent out a press release stating that it had been censored by GoFundMe after raising close to fifty million dollars in their crowdfunding campaign.
According to TheNextWeb, Escobar Inc. wants to run an ICO (initial coin offering) that will culminate in the launch of a stablecoin that will be pegged to the American dollar. The stablecoin to be launched by the family has been appropriately christened ESCOBAR.
Escobar Inc. took this bold step as a way of ensuring that no centralized authority or entity will be able to censor future fundraising efforts that may be started by the estate. So far, it appears as though all the estate’s efforts have been focused on ensuring that Donald Trump is dethroned from the White House.
Reports released by the estate also claim that the ESCOBAR coin is intended to compete directly with USDT (Tether), which so happens to be one of the leading stablecoins in the world. But the Escobar estate does not recognize this as it claims that the stablecoin is unstable, and should, therefore, not be trusted.
The Estate Alleges That Trump Shut Down Its Fundraising Efforts
Escobar Inc. claims that it had managed to raise close to ten million dollars in less than ten hours. This was in the hours before GoFundMe pulled down their page. According to the estate, the initial objective was to raise a total of fifty million dollars using the platform alone.
Olof Gustafsson, who is the estates’ current CEO state that after being shut down by GoFundMe, they came up with the idea to raise their own stablecoin. This is a move that saw the estate launch the coin within twenty-four hours after its page was pulled down.
The CEO went on to explain that the main reason why they are interested in launching their own stablecoin is to ensure that they are not censored again. The estate strongly believes that Trump or people in his administration had something to do with their page being yanked from the fundraising platform.
Hard Fork, who spoke with the estate actually got to see a screenshot of the estate reaching the ten million mark. The screenshot also contained a message highlighting the fact that the GoFundMe administrators had started the process of reviewing the ByeByeTrump fundraising campaign efforts.
Given that the estate has indicated that the ESCOBAR coin is going to rival Tether, it basically means that the cryptocurrency will be an ERC-20 token. According to the whitepaper, there will be one billion ESCOBAR tokens to be issued. The tokens will be issued through the ETH blockchain.
Its value will be permanently pegged to the American dollar. The whitepaper states that starting June, crypto enthusiasts will be able to redeem the token for a single dollar, thanks in part to an agreement the estate has entered into with a firm based in Belize.