In an attempt to impeach US President Donald Trump, the brother of the late narco kingpin Pablo Escobar is setting up an initial coin offering (ICO) to raise money. He initially sought to crowdsource $50 million through GoFundMe but the popular crowdfunding platform pulled the plug on his campaign.
In response, Roberto Escobar is running an ICO to prevent any centralized platforms from interfering with his fundraising efforts and his Impeach Trump Fund.
According to a report by The Next Web’s Hard Fork, Escobar Inc. claims that their recently intercepted GoFundMe page made over $10 million in 10 hours and that shortly thereafter the Trump Administration shut it down.
Olof Gustafsson, CEO of Escobar Inc., told Hard Fork,
“Originally the goal was to raise $50 million just using the GoFundMe platform. After raising $10 million in just 10 hours we were shut down by GoFundMe and within 24 hours launched the ESCOBAR stablecoin cryptocurrency to avoid anyone censoring us again. We believe the Trump Administration [sic] or President Trump shut us down.”
The estate plans to use its new coin for even loftier dreams than ousting the US president.
Roberto Escobar explains,
“There will be one day when you can use cryptocurrency for all types of payments, such as houses, cars and even chewing gum. That day is yesterday. Now it is time to have a secure alternative to the USD. The ESCOBAR cryptocurrency token is designed as this.”
According to the report, Roberto Escobar’s new stablecoin – Escobar – will be pegged to the US dollar.
As explained in the coin’s whitepaper, Escobar is an ERC-20 token and one billion tokens will be released through the Ethereum blockchain.
Escobar Inc. claims its new coin could rival the stablecoin Tether, which they say is untrustworthy.
But it’s not just Tether that’s corrupt, according to the estate. It’s most stablecoins created by “unknown companies.”
Last year Roberto Escobar released his own Bitcoin hard fork called dietbitcoin (DDX), which has a 24-hour trading volume of a few hundred dollars, and published a book called “The True Story by Roberto Escobar: Pablo Escobar’s Dietbitcoin” which claimed that Satoshi Nakamoto, creator of Bitcoin, is actually the CIA.
He says the CIA will one day dump all of its Bitcoin, plunging its price to zero.
As Colombia’s most-wanted drug lord, Pablo Escobar reportedly smuggled over 80% of the total supply of cocaine in the US at the height of his career, racking in an estimated $22 billion in annual revenue. He was eventually gunned down and killed after an extensive manhunt by a special Colombian police unit that was assisted by US special forces, US Army intelligence, and members of the CIA and Drug Enforcement Administration.
Listed on the Ethereum blockchain, the Escobar token, according to the white paper, will remain stable and will be redeemable for one US dollar after June 1, 2019.