Meet Escobar Inc: Firm Previously Known For Smartphone Scam Launches 'Physical Crypto'

Escobar Inc. has developed a hybrid cryptocurrency that’s not yet listed on any exchange. The cryptocurrency is called Escobar Cash ECH/USD, which is a Ripple (CRYPTO: XRP) hard fork.

Roberto Escobar, brother of the late cocaine kingpin Pablo Escobar, is behind Escobar Cash.

The firm is known for scamming people with smartphones, according to a 2020 PCMag report, and it’s not the first time Escobar created a cryptocurrency. He released a Bitcoin (CRYPTO: BTC) hard fork called the Dietbitcoin DDX/USD in March 2018, which has been inactive since then according to CoinMarketCap.

Last week, one of the most popular YouTubers — MrWhoseTheBoss — received a package of printed ECH notes that can be transferred to an Escobar Cash wallet using a QR code. He said if they list it on any of the exchanges, it’s more likely that “Escobar Cash is a pump and dump scheme.”

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There have been many pump and dump projects in crypto history, with the Squid token SQUID/USD being the most famous. On Nov. 1, 2021, the token’s price rose to $2,861.8 and it was down to $0.00079 in a matter of minutes.