On May 12, Paul Grewal, the chief legal officer of the encryption exchange Coinbase, tweeted: "We messed up the report on PEPE, we are sorry." He said that the company shared the introduction about PEPE yesterday, but it did not accurately reflect the whole picture of the facts, and the wording was inappropriate, and apologized to the community. Previously, Twitter user borovik.eth stated that he had received Coinbase’s latest customer email, which claimed that the frog symbol of PEPE originated from an Internet meme and was circulated in a “racist” way on the Internet, which sparked heated discussions on Twitter. , the hashtag "deletecoinbase" became a trending topic on Twitter in the early hours of Thursday. Market data shows that PEPE has fallen more than 21% in the past 24 hours, and Coinbase shares have fallen more than 4%.