“Pharma Bro” Martin Shkreli turned “Crypto Bro” as the former investor who after boosting the cost of a life-saving medication by more than 5,000% overnight, forayed into the industry and is now finding it challenging to adjust to the cryptocurrency market.
“Pharma Bro” Martin Shkreli Turned “Crypto Bro”
Shkreli, formerly known as “America’s Most Hated Man,” founded Druglike, a platform that utilizes Web3, the newest version of the internet, after being released from jail in May and moved to community confinement. According to its website, Druglike seeks to “offer tools for anybody wishing to establish or contribute to early-stage drug development efforts.”
You need to provide your email address to enter the site, after which you get 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 allow a broader group of contributors to share the rewards,” Shkreli said in a July 25th press release.
He also stated that:
“Underserved and underfunded communities, such as those focused on rare diseases or in developing markets, will also benefit from access to these tools.”
The Fall From Grace – Again
Like other cryptocurrency initiatives, Druglike has a native coin. The Martin Shkreli Inu cryptocurrency has this name. This virtual currency has just entirely crashed after being barely started. According to data provider CoinGecko, Martin Shkreli Inu has actually dropped 72.2% over the last two weeks and is currently trading at $0.00000678.
Compared to the all-time high of $0.00003431, which was hit on July 27, the decline is greater than 80%. The 12th of August was a terrible day for Martin Shkreli Inu. The currency saw a total fall that day, reaching an all-time low of $0.00000057859.
Martin Shkreli Inu’s demise, which comes as the whole crypto market is experiencing its greatest days since June, is for reasons that are still unknown. However, the transactions, which can be accessed by anybody using Blockchain technology, reveal that on August 12, one account, 0xshkreli.eth, moved more than 160 billion tokens to an unnamed account.
The essential concept in the cryptosphere is anonymity. Even though the transactions are visible to everyone and documented in a ledger, it might be challenging to identify who is behind them. Bloomberg News reports that Shkreli thinks he was hacked.
It would appear that after all Martin Shkreli didn’t do anything new, anything out of the ordinary. He once again launched a failed business, that no doubt has awarded him massive returns. Perhaps the only thing that is new, is that he is well on his way to becoming a “Crypto Bro”.
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