According to a recent report, brother of late Pablo Escobar, the drug kingpin is set to launch a cryptocurrency with the aim to impeach US President Donald Trump. Escobar Inc is allegedly running an initial coin offering (ICO) for a stablecoin pegged to the US dollar. Revealed on a new website, escobartrump.org, the stablecoin has been dubbed the ESCOBAR.
The development following a $50 million crowdfunding campaign focused on the Impeach Trump Fund run by GoFundMe. The recent development is believed to be in line with efforts to ensure the safety of the fundraising efforts of the Escobar estate from being censored by centralized platforms. The fundraising efforts are focused on dethroning Trump.
The move is also in line with the estate’s aim to set a tough competition for Tether (USDT), the world’s most popular stablecoin, as Escobar Inc believes that the stablecoin is the most untrustworthy.
Trump Closed Down GoFundMe – Says Escobar Inc
Escobar Inc reportedly said that it was able to raise $10 million in just 10 hours of having launched the GoFundMe page before it was slashed by Trump. The estate originally aimed at raising $50 million for the GoFundMe platform, reports Hard Fork citing Escobar Inc. CEO Olof Gustafsson. After having raised $10 million in just 10 hours the campaign, however, was shut down. Within next 24 hours, the estate launched ESCOBAR stablecoin cryptocurrency with the pursuit to prevent such shut down in the future. Escobar Inc CEO said that the estate believes that the shutdown was directed either by the Trump Administration or President Trump.
The estate shared a screenshot with Hard Fork showing of the estate having raised $10 million funds and GoFundMe admins reviewing ByeByeTrump campaign. GoFundMe, however, has not confirmed the news.
A whitepaper has been issued detailing as how the cryptocurrency will operate. The cryptocurrency is an ERC-20 token, which means that the one billion ESCOBAR tokens would be issued through the Ethereum blockchain.
The ESCOBARs value will not fluctuate to the US dollar and would be fixed. Beginning from June, each ESCOBAR would be redeemable for one US dollar, as stated in the whitepaper and confirmed by an agreement signed with a company in Belize.
As described by the estate, a major flaw with the ESCOBAR is that most of the stablecoins have been launched by anonymous companies. While Escobar Inc is already a well-known estate, Daniel Reitberg, COO of Escobar Inc confirmed the estate’s plans of launching the cryptocurrency in 2019 as an alternative to the USD Tether.
The estate does not trust the USDT, reports Hard Fork citing the COO. Reitberg said that the estate believes that people should use the new cryptocurrency as the company launching it is well known as compared to other companies. Therefore, the estate has decided to split any funds raised through the ICO between finding the Impeach Trump Fund as well as developing the ESCOBAR cryptocurrency. The estate has previously been in news for its much-talked plans of launching cryptocurrency.