Shkreli Crypto Token Bites The Dust

Martin Shkreli is no stranger to controversy. once named Pharma bro it seems Martin is once again staying in character. Shkreli was just recently released from prison in May after a sentence of seven years due to security fraud. It would seem that he just dumped a massive chunk of his very own cryptocurrency, this caused the project to tank.

Solanews we had just recently reported on his new project called druglike. This project was created by Shkreli even though he had already been prohibited by the courts from doing anything in the pharmaceutical industry, the ban was for life. The ex-con also launched his very own cryptocurrency called Martin Shkreli Inu. 

In a report on Bloomberg it was divulged that a wallet with a very high chance of belonging to Shkreli was involved in selling off more  than 160 billion tokens, this caused the value of the token to drop by 90%. Upon an investigation into the situation the only response of what happened turned out to be a typical and generic “I got hacked” reply.

Now this move is nastier than it is illegal and Shkreli may have just gotten away with what is known as a “rug pull” which isn’t exactly the first one to happen in this space. There are various types of rug pull schemes and this one is very common. In this type of scheme a con artist can dump a massive stake in the crypto and leave investors with worthless leftovers, this is known as a soft pool and while it is vile , it is not illegal. This move brings to memory the same type of method used by those in the Squid Game Token scam.

This act is not necessarily out of character for Shkreli who has made his fortunes previously from working the system and taking advantage of people, perhaps now those that still followed him have learned a valuable lesson about the company they keep.

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