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Home Cryptocurrency news Bitcoin

Estate of Columbian Cartel Kingpin Claims Tether Crypto Is Untrustworthy

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news, Ethereum, ICO
Reading Time: 3min read
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The estate of the late Columbian drug lord Pablo Escobar, which is said to be responsible for countless murders and at one point, as much as 80% of the cocaine entering the United States, has called the trustworthiness of stablecoin crypto Tether into question.

Escobar Inc. plans to launch an initial coin offering (ICO) for a new Ethereum-based stablecoin pegged to the U.S. dollar, that will rival current market leader Tether.

Escobar Sets Sights on Ousting Trump and Tether From Leadership Positions

Roberto Escobar, brother and former bookkeeper for Columbian cocaine kingpin Pablo Escobar, and Escobar Inc. are preparing to launch an initial coin offering for a new dollar-pegged stablecoin called ESCOBAR. According to the white paper, ESCOBAR will be an Ethereum-based ERC20 token tied 1-to-1 to the U.S. dollar, have a fixed one billion supply, and like Tether, will be redeemable for physical fiat dollars starting in June.

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While ESCOBAR’s existence is primarily focused at unseating United States President Donald Trump, ESCOBAR is also being positioned as a staunch competitor for Tether.

Escobar Inc. had successfully raised $10 million toward its “Impeach Trump Fund” via a GoFundMe campaign that was eventually pulled by the crowdfunding platform before reaching its $50 million goal. Escobar Inc. CEO Olof Gustafsson said that the censoring of the campaign prompted the creation of the new crypto, which the firm will use to avoid centralized platforms that could continue to be a hurdle for the company’s fundraising efforts.

Related Reading | Tether Will Issue Tokenized US Dollars on the Ethereum Blockchain

The firm appears to be dead set on impeaching the controversial U.S. President, but have also focused their crosshairs on the controversial dollar-pegged crypto Tether, which is currently the leading stablecoin on the market.

Escobar Inc’s COO Daniel Reitberg said that ESCOBAR will be released “in 2019 as a stablecoin alternative to the USD Tether,” adding that he and his company “do not trust the USDT.” Reitberg suggested that Tether and other stablecoins are operated by “unknown companies” and instead people should use ESCOBAR due to Roberto Escobar’s track record of earning “hundreds of billions of dollars throughout his career.”

The crypto community is quick to call out Tether as a shady, untrustworthy operation, however, the accusations seem even more damning when the estate of a cartel kingpin that is personally responsible for the deaths and suffering of hundreds and thousands of individuals confidently calls the trustworthiness of the stablecoin into question.

From Diet Bitcoin to ESCOBAR, Escobar Estate Is Infatuated with Crypto

Last year, the estate of Pablo Escobar also launched another ICO for a Bitcoin hard fork called Diet Bitcoin (DDX). At the time, Reitberg encouraged investors to “buy as many Diet Bitcoin’s as you can afford” because the “value will be very high.”

The value isn’t “very high” currently, at just 1 cent per DDX token. Early investors were able to snag each DDX token and a “discounted” price of $50 for the first 300,000 coins, while last minute investors paid as much as $1,000 per token.

Related Reading | Pablo Escobar’s Younger Brother Launches Diet Bitcoin Crypto

Diet Bitcoin’s price peaked at $0.96 according to CoinMarketCap data before falling back to a penny.

Roberto Escobar also penned a book about Diet Bitcoin, and in it claimed that mysterious Bitcoin creator Satoshi Nakamoto was really a front for the CIA, who were the actual creators of the first-ever cryptocurrency. Escobar believes that one day the CIA will sell all of Satoshi’s coins, crashing Bitcoin’s value to “almost zero.”

“Keep the Ethereum, Keep the TRON, keep the Ripple, keep the Bitcoin. You will see what happens. They will all go to zero, almost zero. But not my coin. Because my coin, this is going to be my new work in life,” Escobar claimed.

Tags: cryptoDiet BitcoinDonald TrumpESCOBARtether
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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