Roberto Escobar, older brother of billionaire Colombian drug lord Pablo Escobar, has announced the launch of a stablecoin to fund work toward the impeachment of President Donald Trump.
The team behind the stablecoin, named escobar coin, claims that “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!”
And the project is quick to point out its relationship with Roberto Escobar, co-founder and former accountant for the Medellín drug cartel and older brother of drug kingpin Pablo Escobar, per Wikipedia.
“ESCOBAR token is the future of stablecoins, having a big name behind itself and the strong leadership of Roberto De Jesus Escobar Gaviria, older brother of infamous Pablo Escobar,” the site reads.
The project has entered its ICO. The escobar token is available for purchase on the project’s website, facilitated by CoinPayments. Investors can pay with bitcoin, ether, bitcoin cash and other cryptocurrencies.
Proceeds will apparently be split between the development of the token and the campaign to impeach Donald Trump. Details for the latter are also available online.
The token is purported as a stablecoin, but it may be difficult to simultaneously maintain a peg while funding an ambitious political campaign.
The website’s road map notes that each token can be purchased for 25 cents during the first round of funding and can each be exchanged for one dollar in June 2019. It also claims that “redemptions start with Tecnologias Gigantes, Inc in Belize City, Belize,” at this date, so perhaps redemptions can only take place at a specific over-the-counter location.