Just-In: Coinbase Apologizes For Calling PEPE A “Hate Symbol”
Crypto News: Paul Grewal, the chief legal officer of Coinbase (COIN), has issued an apology late Thursday noon for a company newsletter that was sent out to its users outlining the Frog meme — which acts as the foundation for the PEPE cryptocurrency — as a hate symbol that is used by the “alt-rights group”.
Coinbase Responds To Controversy
At the time of writing, the tweet that Grewal had posted got viewed over 650,000 times and was hailed with praise. While some Twitter users were quick to point out that Coinbase’s apologies arrived much too late, others cheered the company’s decision to bow down to the authority of the meme.
Read More: Empower Oversight Sues US SEC Over Selective Enforcement On Crypto
Late on Thursday morning, Grewal posted a tweet that read, “We screwed up and we are sorry.” He continued by saying that yesterday the team had discussed an overview of the “PEPE meme coin in order to present a factually accurate picture of a topic that is currently popular.” However, Paul apologized to the community and added that the email did not paint the whole picture of the coin and evolution of the meme.
We screwed up and we are sorry.
Yesterday we shared an overview of the $pepe meme coin to provide a fact-based picture of a trending topic. This did not provide the whole picture of the history of the meme and we apologize to the community.
— paulgrewal.eth (@iampaulgrewal) May 11, 2023
Coinbase’s Controversial Email
Customers of Coinbase received an email on Wednesday that referred to the Pepe meme as a hate symbol and that it had been adopted by members of the alt-right movement. Supporters and investors of the frog-themed memecoin were upset by the description of the token, which sparked calls for Coinbase to offer an apology and prompted users to terminate their accounts with the cryptocurrency exchange. The “BoycottCoinbase” hashtag trended on Twitter throughout the day.
I will be closing my personal and business accounts with @Coinbase and moving them to @Gemini.#PEPE IS NOT A SYMBOL OF HATE@brian_armstrong, the $PEPE community DEMANDS that you retract your vulgar statement about #PEPECOIN!!#DELETECOINBASE, SHORT $COIN 👎
— Kenobi (@OG_Kenobi_Hello) May 11, 2023
In the wake of this crypto news, the price of Pepe’s native cryptocurrency has gained by 0.11% in the past one hour and is currently exchanging hands at $0.00000143.
Also Read: Binance CEO CZ Hints At Ethereum Price Rally Over This Key Factor
- Grayscale’s Crypto Index Fund Sees ‘Solid Start’ as SOL, XRP Institutional Demand Climbs
- Senate Democrats Urge Republicans for ‘True Collaboration’ to Quickly Pass CLARITY Act
- Crypto Market Correction Intensifies As S&P 500, DXY Enter Dangerous Territory
- BitGo To Follow Gemini’s Footsteps With US IPO After 4x Revenue Surge
- Michael Saylor Predicts Bitcoin Will Outperform S&P 500 Forever
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
- Shiba Inu (SHIB) Price Prediction: Massive SHIB Burn and 80-Week Cycle Mirroring Past Rallies: Will History Repeat?
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
