Crypto conversion of ‘Pharma Bro’ Martin Shkreli turns sour

Martin Shkreli, the former investor who earned the nickname “Pharma Bro” after raising the price of a life-saving drug by more than 5,000% overnight, is going through a difficult transition into the crypto industry.

Once America’s most hated man, Shkreli, who was released from prison in May and transferred to community custody, launched Druglike, a platform running on Web3, the new iteration of the internet. Druglike aims to “provide resources for anyone looking to start or contribute to early-stage drug discovery projects,” according to its website.

To access the site, you must give your e-mail address and then you receive an invitation.

“We started Druglike because, in our experience, traditional drug discovery software is too difficult and expensive to use,” said Martin Shkreli, co-founder of Druglike. “Druglike will remove barriers to early-stage drug discovery, increase innovation, and enable a group of contributors to share the rewards,” Shkreli said in a July 25 press release.

He added that, “Underserved and underresourced communities, such as those focused on rare diseases or in developing markets, will also benefit from access to these tools.”

The collapse of Martin Shkreli Inu

Druglike has a native token like most crypto projects. This cryptocurrency is called Martin Shkreli Inu. Barely launched, this digital currency has just completely collapsed. Indeed, Martin Shkreli Inu is down 72.2% in the past two weeks at $0.00000678 at the time of this writing, according to data firm CoinGecko.

The fall is more than 80% from its all-time high reached on July 27 at $0.00003431. August 12 was a black day for Martin Shkreli Inu. On that day, the coin completely crashed, reaching its all-time low at $0.00000057859.

It’s unclear what caused Martin Shkreli Inu’s downfall, which comes as the entire crypto market is enjoying its best days since June. The transactions, which can be viewed by anyone using Blockchain technology, however, show that one account, 0xshkreli.eth, transferred over 160 billion tokens to an unidentified account on August 12, according to the Etherscan platform.

Anonymity is the keyword in the crypto space. If the transactions are recorded in a register and visible to everyone, it is nevertheless difficult to know who is behind them. According to Bloomberg News, Shkreli believes he was hacked.

“I was hacked,” he posted on a social media site Discord.

Druglike did not immediately respond to a request for comment.

“You deserve to be in jail with him”

The new setbacks of the Pharma Bro have provoked mockery on social networks, in particular on Reddit where Internet users wondered who were the investors who wanted to invest in Martin Shkreli Inu.

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“So glad I skipped that coin and put all my savings into ShkreliMoon,” one user commented on Reddit.

” Which name. How many days in prison did it take him to think of that name? another user joked.

“If you buy this coin you deserve to be in jail with him LMAO,” another Reddit user said.

“This is one of those cases where while you might be inclined to feel bad for people losing money to crypto in general, you can’t really feel bad for anyone in this specific case, because come on, this is Martin Shkreli FFS. What else did they expect?” another user lambasted.

Shkreli was banned for life from the drug industry by a federal judge in January. Before becoming known as one of gaming’s biggest trolls, Martin Shkreli was co-founder of hedge funds Elea Capital, MSMB Capital Management and MSMB Healthcare, and he was co-founder and former CEO of pharmaceutical companies Retrophin. and Turing Pharmaceuticals.

In 2015, he went from a surprisingly young, albeit largely unknown, type of financial brother to one of the most hated men in America, when he was granted the license to manufacture the life-saving drug Daraprim and grew its price from $13.50 to $750. , per tablet overnight.

In 2017, Shkreli was found guilty in federal court of two counts of securities fraud and one count of conspiracy to commit securities fraud, and was sentenced to $7.4 million. fines. He was sentenced to seven years in prison in 2018.

Shkreli, who is currently in community detention – home confinement or halfway house – will be released from the Bureau of Prisons on September 14.

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