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Coinbase's chief legal officer, Paul Grewal, expressed regret for a recent company newsletter that discussed the memecoin craze and referenced the Pepe the Frog meme, which serves as the basis for the popular PEPE token. Grewal apologized for any offense caused by the newsletter's suggestion that the Pepe meme has been utilized in a racist manner on the internet.
"We screwed up and we are sorry," tweeted Grewal late Thursday morning. "Yesterday we shared an overview of the PEPE meme coin to provide a fact-based picture of a trending topic," he continued. "This did not provide the whole picture of the history of the meme and we apologize to the community."
After being published on Wednesday (and subsequently removed), that particular section of the newsletter sparked a wave of backlash on Twitter, causing the hashtag #deletecoinbase to trend on the social media platform early Thursday.
As per CoinMarketCap, PEPE has experienced a 15% decline over the last 24 hours. On Thursday, COIN has also dropped by 2% in tandem with a widespread sell-off in the cryptocurrency markets.
Source Coindesk
