Paul Grewal, the chief legal officer of Coinbase (COIN), apologized after a company newsletter was published on the memecoin frenzy, which suggested that the Pepe the Frog, upon which the red-hot token PEPE is based, had been used in racist manners on the internet.

Tweeted Grewal in the late morning hours of Thursday. He continued, “Yesterday, we provided a factual overview of the PEPE coin in order to give a picture of what is currently trending.” “This didn’t provide the full picture of the meme’s history and we apologize to our community.”

Published on Wednesday and since removed, that part of our newsletter sparked a firestorm on Twitter. The hashtag #deletecoinbase was trending early on Thursday morning.

CoinMarketCap reports that PEPE is down 15% in the last 24 hours. COIN fell by 2% Thursday, along with a general selloff on the cryptocurrency market.

Aoyon A. Ashraf is the editor.