Leading US-based cryptocurrency exchange Coinbase has apologized to the PEPE community after its “hate symbol” post about the PEPE coin during the day caused a huge backlash! Here are the details…
Major cryptocurrency exchange Coinbase has faced massive backlash from the PEPE coin community!
Giant cryptocurrency exchange Coinbase, sharing a newsletter on Wednesday, May 10, 2023, garnered a great response from the PEPE coin communities, one of the popular meme coin projects of recent times. As you know, in the bulletin about PEPE coin, one of the most trending coins of recent weeks, PEPE was described as a “hate symbol of far-right groups”. However, the reaction from the communities was not delayed. The statements in the shared bulletin are as follows:
Pepe Coin is based on drawings of Pepe the Frog, which first appeared on the internet as a comic book character about 20 years ago. According to the Anti-Defamation League, this symbol was chosen and used as a symbol of hatred by far-right groups over time.
As we have reported as Kriptokoin.com, the giant cryptocurrency exchange Coinbase conveyed a decision taken by the Anti-Defamation League (ADL) non-governmental organization in 2016, in the shares it made in the bulletin. In the decision cited in 2016, it is stated that the drawing of a frog named Pepe is defined as a “hate speech” included in the databases of racist groups and adopted by these groups. Along with this bulletin shared by the stock market, communities on Twitter expressed their reactions to the closure of the stock market through many hashtags and for the users of the stock exchange to close their accounts.
Coinbase Chief Legal Officer Paul Grewal has issued an apology on Twitter!
Paul Grewal, chief legal officer of the giant cryptocurrency exchange Coinbase, made statements about the tension between Pepe Coin and the stock market. Making statements on Twitter, Grewal pointed to the bulletin shared by the stock market during the day and expressed his apologies for the summary of Pepe as a symbol of hatred. Grewal’s apology message was viewed more than 650 thousand times. While the statement was praised by many communities and investors, some Twitter users stated that Coinbase’s apology statement was “too late”.
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
Many users who boycotted Coinbase on Twitter before the apology message used the hashtag “BoycottCoinbase”. However, some users have ended their relationship with the exchange, in favor of deleting their user accounts on Coinbase. On the other hand, PEPE coin price has lost 26% in the last 24 hours and is instantly trading at $0.00000132. Its market value is instantly at the level of 552 million dollars.
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