Coinbase Screws Up + Elon Resigns from Twitter

Coinigy
2 min readMay 15, 2023

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Welcome to another exciting crypto news roundup from the only portfolio tracking and trading platform you’ll ever need (you’re right, that’s us — Coinigy).

Last week, Coinbase picked a fight with the $PEPE crypto community. A recent newsletter from the exchange referred to the $PEPE meme character as a “hate symbol” that the alt-right movement had co-opted.

In a matter of hours, Twitter went berserk with the hashtag ‘#deletecoinbase.’

Speaking of Twitter, the popular billionaire has stepped down as CEO of the bird app — nothing surprises us when it comes to Elon Musk.

Let’s go over all the juicy details from last week.

  • Coinbase Classifies $PEPE the Frog As a Hate Symbol
  • Bitcoin enters $26K ‘bearadise’ as BTC price approaches 2-month lows
  • Kraken builds fake crypto account to ‘bait’ fraudsters
  • Elon Musk announces he will step down as Twitter CEO

Coinbase Classifies PEPE the Frog As a Hate Symbol

On May 10, Coinbase sent out a highly divisive newsletter discussing the now popular memecoin $PEPE and its symbol: Pepe the Frog. In the newsletter, it described Pepe the Frog meme as a “hate symbol” co-opted by alt-right groups. Now, the memecoin community is strongly rebelling against Coinbase and is calling for a boycott. Read the full story.

Bitcoin enters $26K ‘bearadise’ as BTC price approaches 2-month lows

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $26,100 on Bitstamp — its lowest since March 17. Despite encouraging macroeconomic conditions for risk assets, Bitcoin failed to capitalize on the potential for gains as bid liquidity headed lower. A chart uploaded to Twitter the day before showed principal buy support now around $25,750, with BTC/USD eating liquidity higher overnight. Read the full story.

Kraken builds fake crypto account to ‘bait’ fraudsters

The exchange built a fake crypto account on its platform to “scam bait” bad actors. Kraken’s chief security officer Nick Percoco collaborated with popular streamer Kitboga, who plays non-tech-savvy characters to waste the time of call center scammers. Read the full story.

Elon Musk announces he will step down as Twitter CEO

Musk, who bought Twitter last fall and has been running it since, has long insisted he is not the company’s permanent CEO. The Tesla billionaire said in a tweet Thursday that his role will transition to being Twitter’s executive chairman and chief technology officer. Read the full story.

Other highlights worth mentioning

  • Milady memecoin surges 5,250% after Elon Musk tweet — Cointelegraph
  • Argentina’s central bank halts cryptocurrencies from payment apps — The Daily Hodl
  • Cardano scaling node Hydra Head goes live on blockchain’s mainnet — Coindesk
  • Ethereum Mainnet Was Unable to Fully Finalize Transactions for 25 Minutes — Coindesk

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