The site www.escobartrump.com claims to announce new token sale to support the “Impeach Trump” cause.
Roberto, the brother of deceased drug lord Pablo Escobar, claimed that since their fundraiser on GoFundMe to raise money in order to finance rallies and such to impeach Trump, was blocked and unlisted, they have now launched a new token named ESCOBAR. Its an ethereum ERC-20-based stable coin.
Previously, the GoFundMe campaign by the drug cartel organisation named as “ByeByeTrump” was made live. Gustaffson, the CEO Escobar Inc., that they planned on raising $50 billion to help their cause but once the campaign was banned by the fundraising platform, they decided to use crypto to help further their goal.
According to the official website of the token, “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!”. Just when you land on the website’s homepage it is pretty clear that they have a strong anti-Trump rhetoric.
The website goes on to further explain that only half of the funds raised will be used for Trump Fund while the other half will be invested in the development of Escobar Inc. This is quite discouraging for buyers as the legitimacy of the incorporation is questionable and as a potential stakeholder, investors may face legal repercussions in future.
The alleged token sale ran by the project will start from 9th January till 10th May. Currently it is offering 200 million tokens. According to the White Paper which was published on the website it will hopefully sell 1 Billion Escobar tokens and the coin will be redeemable in USD by July via a Belize bank.
Gustaffson said that after launching the campaign on GoFundMe, nearly $10 million were raised within 10 hours before it was censored by the company. The claims made are yet to be verified or addressed by officials at GoFundMe.
This is not the first time that Escobar Inc. has made its way in the crypto world. They have another token to their name called “dietbitcoin”. According to the COO, it was created because CIA was after Bitcoin and wanted to destroy cryptocurrency. Needless to say, it completely flopped according to Coinmarketcap. The Escobar Inc. claims that Tether is unstable and untrustworthy. Hence, the company is launching its own USD backed cryptocurrency to compete with it.
It is still unsure that whether the token sale is legit or a scam. Each Escobar token has a worth of $1 but currently due to an ongoing discount of 75% during first phase of the ICO; each token cost only $0.25 and will become $1 when the ICO is over. This is definitely a red flag for potential investors.
The controversial ICO is currently legally operating from United Kingdom, where it is registered. However, the US might take across continent action and put an end to the sale on legal grounds.