Coinbase, the popular cryptocurrency exchange, sparked controversy and a wave of criticism after sending an email to its customers in which it described the Pepe the Frog meme as a “hate symbol” associated with alt-right groups. The email drew significant backlash from the PEPE memecoin community, leading to a trending hashtag on Twitter, “#deletecoinbase,” with more than 14,000 comments urging users to boycott the exchange.
Paul Grewal, Coinbase’s chief legal officer, took to Twitter in response to the mounting outrage and issued an apology, stating, “We screwed up and we are sorry.” The email’s characterization of Pepe as a hate symbol caused significant backlash among cryptocurrency enthusiasts and sparked a broader debate about the definition and perception of internet memes.
The PEPE meme, originally created by artist Matt Furie, gained popularity on social media platforms but has been co-opted by various online communities, including some associated with extremist ideologies. However, the broader Pepe community argues that the meme’s meaning and usage extend beyond its association with hate groups.
The occurrence acts as a prompt for platforms to recognize the difficulties they encounter while managing intricate cultural symbols and the possible connections they carry. Coinbase’s quick reaction showcases the increasing influence of social media movements in ensuring companies take responsibility for their actions and influencing public conversations.
