Coinbase Apologizes For Calling PEPE A “Hate Symbol”

On Wednesday, Justin Sun provided clarification regarding the speculation around his exploration of Coinbase's Chief Legal Officer, Paul Grewal, issued an apology on Thursday for a company newsletter that described the Frog meme, which forms the basis for the PEPE cryptocurrency, as a hate symbol used by the “alt-right group.” The apology was issued late in the afternoon.

Coinbase Responds To Controversy

As of writing, the tweet shared by Grewal had garnered more than 650,000 views and was met with acclaim. While some individuals on Twitter noted that Coinbase's apology was belated, others applauded the company for acknowledging the power of the meme and taking corrective action.

In a tweet posted on Thursday morning, Paul Grewal expressed his apologies, saying, “We made a mistake, and we apologize.” He explained that the team had recently discussed the PEPE meme coin to provide an accurate representation of a popular topic. However, he acknowledged that the newsletter did not provide a complete understanding of the coin and the meme's evolution, and he apologized to the community.

Coinbases Controversial Email

On Wednesday, Coinbase users were sent an email that classified the Pepe meme as a hate symbol, suggesting that it had been embraced by alt-right supporters. This statement was met with disappointment and frustration from fans and investors of the Pepe-based cryptocurrency, leading to demands for an apology from Coinbase and prompting some users to close their accounts with the exchange. As a result, the hashtag “BoycottCoinbase” trended on Twitter throughout the day.

Following the cryptocurrency-related incident, the native digital currency of Pepe has experienced a 0.11% increase in value within the past hour and is currently being traded at a price of $0.00000143.

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