It appears that the con artist is back at it once more.
Martin Shkreli, the infamous "Pharma Bro," who just got out of jail in May after serving a seven-year term for securities fraud, has liquidated a sizable portion of his own cryptocurrency, driving down its value.
Even though he was permanently barred from the pharmaceutical sector, Shkreli introduced a new Web3 initiative called Druglike in July. Martin Shkreli Inu is a cryptocurrency he also introduced. According to a story from Bloomberg published yesterday, the value of a wallet that most likely belonged to Shkreli fell by 90% as a result of the sale of more than 160 billion tokens.
According to Bloomberg, an account thought to be controlled by Shkreli answered, "I got hacked," when questioned over Discord what had happened and why so much of the money had been sold.
Even while what Shkreli did wasn't strictly criminal, it definitely was unpleasant if the claims are accurate.
RUG PULL
Rug pull scams may take a variety of forms, according to the industry site Coin Telegraph, but one tactic involves selling off a sizable crypto holding and leaving investors with the worthless remainder. It's unethical but not illegal since it's a "soft pull" as opposed to a "hard pull."
Notably, Shkreli was criticized for his most recent decision by even the most contentious of cryptocurrency pioneers.
Shibetoshi Nakamoto, the person who created Dogecoin, claimed on Twitter yesterday that "this is the most startling event since Squid Game token."
Nakamoto was alluding to the Squid Game-themed currency from the previous year that conned people out of millions of dollars. The connection is valid, but Nakamoto is mistaken in that nothing Shkreli does now is startling in the slightest.
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