Supporters of the meme-inspired cryptocurrency PEPE have once again taken to Twitter, causing #DeleteCoinbase to trend following a recent newsletter sent out by the crypto exchange Coinbase. The newsletter referred to the Pepe the Frog meme, which is associated with the PEPE cryptocurrency, as a “hate symbol” co-opted by far-right groups. Boasting over 70,000 tweets containing the hashtag, the newsletter’s message sparked not just a conversation, but a potential revolt.
Coinbase’s email cited the Anti-Defamation League’s (ADL) view on Pepe the Frog as an internet symbol. However, Twitter users were quick to assert that Coinbase wasn’t necessarily representing the entirety of the ADL’s views on the Pepe the Frog meme. Jason Cline, an Instagram and TikTok creator, retweeted a screenshot of the ADL’s blog post on Pepe the Frog, where the organization is quoted as saying, “The majority of uses of Pepe the Frog have been, and continue to be, non-bigoted.”
Moreover, some users escalated the situation by not only calling for the deletion of Coinbase but threatening to close their accounts as well. One tweeter claimed they were selling all of their Coinbase shares and moving their assets onto Gemini.
This isn’t the first time the hashtag #DeleteCoinbase has made waves on social media. Back in 2019, it trended when Coinbase acquired the Italy-based analytics startup Neutrino, whose executives were involved with the controversial surveillance unit Hacking Team, known for selling intrusion and surveillance capabilities to oppressive governments. Coinbase later fired team members previously associated with Hacking Team.
Coinbase also stirred controversy in 2020 when CEO Brian Armstrong urged employees to adopt a corporate policy of political neutrality, discouraging social justice issue discussions in the office. In response to the recent backlash, Coinbase pointed to the newsletter’s disclaimer noting that views expressed by the author don’t necessarily represent the opinions of Coinbase or its employees.
While the Pepe the Frog meme’s association with far-right groups cannot be ignored, it’s important to acknowledge the majority of its uses aren’t tied to hate or bigotry. This case highlights the need for accurate representation of various perspectives in the rapidly changing cryptocurrency landscape. Coinbase’s newsletter only served to escalate a difficult conversation, further polarizing the issue and prompting calls for action from concerned stakeholders.
Source: Blockworks
