Martin Shkreli, the former investor who earned the nickname “Pharma Bro” after increasing the price of a life-saving drug by more than 5,000% overnight, is having a difficult transition into the crypto industry.
Once America’s most hated man, Shkreli, who was released from prison and placed in community custody in May, launched Druglike, a platform running on Web3, the new iteration of the internet. Druglike, according to its website, aims to “provide resources for anyone wishing to start or contribute to early-stage drug discovery projects.”
To access the site you must provide your email address and then you will receive an invitation.
“We founded Druglike because, in our experience, traditional drug discovery software is too difficult and expensive to use,” said Martin Shkreli, co-founder of Druglike’s group of contributors to share the rewards,” Shkreli said in a press release May 25 . July.
He added, “Underserved and underfunded communities, such as those focused on rare diseases or those in developing markets, will also benefit from access to these tools.”
The collapse of Martin Shkreli Inu
Like most crypto projects, Druglike has a native token. This cryptocurrency is called Martin Shkreli Inu. Hardly introduced, this digital currency has just collapsed completely. According to data company CoinGecko, Martin Shkreli Inu is down 72.2% over the past two weeks to $0.00000678 at the time of writing.
The decline is more than 80% compared to its all-time high set on July 27 at $0.00003431. August 12th was a black day for Martin Shkreli Inu. On that day, the coin completely collapsed, hitting its all-time low at $0.00000057859.
It’s unclear what caused the downfall of Martin Shkreli Inu, which comes as the entire crypto market is enjoying its best days since June. However, the transactions, which can be viewed by anyone using blockchain technology, show that one account, 0xshkreli.eth, transferred over 160 billion tokens to an unidentified account on Aug. 12, according to platform Etherscan.
Anonymity is the keyword in the crypto space. When transactions are recorded in a ledger and are visible to everyone, it is still 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 prison with him”
The Pharma Bro’s renewed setbacks drew mockery on social media, particularly on Reddit, where users wondered who the investors looking to invest in Martin Shkreli Inu were.
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“I’m so glad I avoided this sh–coin and put all my savings into ShkreliMoon,” commented one user on Reddit.
“What a name. How many days in jail did it take to come up with that name?” another user quipped.
“If you buy this coin, you deserve to go to jail with him, LMAO,” said another Reddit user.
“This is one of those instances where even if you tend to feel bad for people losing money on crypto in general. You can’t feel so bad for anyone in this particular case, because come on, it’s Martin Shkreli FFS. What else were you expecting?” another user lambed.
Shkreli was barred from the drug industry for life by a federal judge in January. Before becoming known as one of the biggest trolls in the game, Martin Shkreli co-founded hedge funds Elea Capital, MSMB Capital Management, and MSMB Healthcare, and co-founded and former CEO of pharmaceutical company Retrophin and Turing Pharmaceuticals.
In 2015, he went from a surprisingly young, if largely unknown, financial broker to one of America’s most hated men when he obtained the manufacturing license for the life-saving drug Daraprim, increasing its price from $13.50 to over $750 per pill Night.
In 2017, Shkreli was convicted in federal court on two counts of securities fraud and one count of conspiracy to commit securities fraud and was fined $7.4 million. In 2018 he was sentenced to seven years in prison.
Shkreli, who is currently in communal detention – house arrest or transitional facility – will be released from the Bureau of Prisons on September 14.