Pablo Escobar’s Brother Launched a Cryptocurrency

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Pablo Escobar’s Brother Launched a Cryptocurrency

Some new goods and services in the bitcoin sector have gained early attention and later success by using a hook: Attaching your project to a renowned person, a distinctive idea, or even a popular meme, the reasoning goes, can help you stand out in an industry that is continuously developing and changing. Dietbitcoin (DDX), a hard fork of bitcoin, the world’s most popular digital currency, may have the most bizarre hook yet. It is a cryptocurrency alternative that is expressly related to Roberto De Jess Escobar Gaviria, also known as Roberto Escobar, the late Colombian drug lord Pablo Escobar’s brother.

Dietbitcoin, according to cointelegraph.com, comprises a white paper with an opening that makes strong comments regarding bitcoin. Escobar claims in the introduction to be the first person “to openly come out and assert that bitcoin was established by the American government.” He continues, “The world will awaken… to realize that they caused this. And when people see it, it is too late, and when the CIA discovers that the rest of the world is aware of it, the CIA will sell all of its coins, destroying the value of bitcoin.” According to Escobar, DDX is the outcome of this thinking.

NakamotoComes Knocking?

Dietbitcoin, like many other cryptocurrencies, is doing an initial coin offering (ICO) to raise funds via a crowdsale. The ICO will be held in three rounds, with a total of one million DDX tokens available. Prices for DDX vary greatly across the three rounds, ranging from $2 per coin in the pre-ICO round to $1,000 per coin in the ICO itself.

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Along with the debut of DDX, Escobar has published a book titled “The True Story by Roberto Escobar: Pablo Escobar’s Dietbitcoin” as a free PDF. The book contains assertions of a relationship with Satoshi Nakamoto, the mystery man behind bitcoin, as well as Roberto Escobar’s perspectives on different aspects of his brother’s narrative. Escobar claims that Nakamoto contacted him with a plan to begin the dietbitcoin project, but he later came to suspect that this was a “setup by the American government to infiltrate Escobar Incorporated,” his financial firm.

Investing in cryptocurrencies and Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and this article is not a suggestion by Investopedia or the writer to do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns bitcoin and ripple as of the day this post was published.

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