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Pharma executive’s recently-launched crypto token tanks 90%.

Pharma executive’s recently-launched crypto token tanks 90%.

Martin Shkreli’s, a former pharmaceutical executive, recently launched crypto token sank 90% because of its correlation with Etherscan data. It showed a massive dump from a wallet that is said to be Shkreli’s through his Ethereum Name Server address. Experts say the pseudonymous nature of the blockchain makes it dMartinifficult to identify which addresses belong to Shkreli.

Its believed that a hacker drained wallet address 0xshkreli.eth of over 150 million MSI – the native token of Shkreli’s Web3 initiative – to an anonymous wallet on August 12. The information came from a discord account belonging to Shkreli. The token’s value, by late Friday afternoon, had dropped 90% from $0.00001442 to $0.000000957859, as per data from Coingecko. It reached an all-time high of $0.00003431 on July 26, 2022.

Shkreli had intended to launch Druglike, a new Web3 initiative, to support early-stage drug discovery. The company announced a decentralized cloud-computing platform in late July to offer drug identification and design services of the same standard used by large pharmaceutical companies. Contributors would get rewards in the form of a newly-minted cryptocurrency Martin Shkreli Inu.

The pharma executive elaborated that the initiative was to stick it to big pharma. He believes it would be great if the next drug breakthrough resulted from volunteers using his new decentralized service instead of being channeled through a pharma giant like Merck. Attorney Generals from North Carolina and New York are probing to see whether the new venture violates a ruling by a federal judge. If there has been a violation, Shkreli could be banned for life from participating in the pharmaceutical industry.



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