The brother of deceased drug kingpin Pablo Escobar, Roberto Escobar, is launching a cryptocurrency as a tool to raise money to help impeach U.S. President Donald Trump.
According to TNW, the new token has been dubbed the ESCOBAR and is an ethereum ERC-20-based stablecoin which will be pegged to the U.S. dollar.
'The token came to existence as a tool to raise money for the Impeach Trump Fund cause, where a GoFundMe fundraiser was shut down and censored. Thanks to cryptocurrencies, there are no boundaries to be censored!' the escobartrump.org website reads.
Currently the project is organizing a ICO pre-sale of 200 million tokens, which runs until May 10. The project hopes to sell a total of 1 billion ESCOBARS. The website further claims that the stablecoin will be redeemable by June 2019 for dollars via a company in Belize.
The Escobar project raised $10 million on the GoFundMe platform and this in just 10 hours. However, they claim that the Trump administration shut them down.
The CEO of Escobar Inc, Olof Gustafsson, said that 'originally the goal was to raise $50 million just using the GoFundMe platform.'
'After raising $10.7 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 or President Trump shut us down.'
Daniel Reitberg, the COO of Escobar Inc. said that they have plans to release this cryptocurrency in 2019 as a stablecoin alternative to the USD Tether.
'We do not trust the USDT', he said. 'We think that people should use our coin, as we have a much larger business sense than most other companies out there and Roberto Escobar has made hundreds of billions of dollars throughout his career.'
Escobar Inc says that the major advantage of ESCOBAR coin is that most stablecoins have been launched by unknown companies, as opposed to Escobar Inc.
A name we all know, mostly thanks to Netflix.
This isn’t the first cryptocurrency project from Roberto Escobar and Escobar Inc. Early last year, they launched a fork of Bitcoin, called Diet Bitcoin, which was supposed to be much cheaper and faster than the real thing.— Graeme Moore (@MooreGrams) January 11, 2019