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Web3 is Going Just Great

...and is definitely not an enormous grift that's pouring lighter fluid on our already smoldering planet.

Created by Molly White. Subscribe to her newsletter for weekly recaps.

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Martin Shkreli dumps his project's token in "hack"

Martin Shkreli sits at a table, arms crossed and smirkingMartin Shkreli (attribution)
I've almost got to give it to him. When I wrote up Druglike, Martin "Pharma Bro" Shkreli's new "web3" project for drug discovery, and asked him some questions in the project Discord, I expected him to run into issues with the fact that he's trying to build a pharmaceutical software platform after being banned from the pharma business. But he seems to have exceeded my high expectations for this grift, pulling off a scam even before anything got off the ground.

The value of $MSI, Martin Shkreli Inu (really), plummeted 90% from $0.000014 to a mere $0.0000014 when a wallet owned by Shkreli suddenly dumped its tokens. The MSI token originally was a fan-made token, but Shkreli adopted it as the token "powering" Druglike (despite zero information as to how it's actually used to power the project). The MSI were swapped for 239 ETH (~$459,000).

Shkreli claimed via his Twitter persona "Enrique Hernandez" that "I got hacked last night." (Shkreli was banned from Twitter after being creepy to a journalist, and so now uses the thinnest of veiled identities to somehow evade Twitter suspension). Shkreli claimed that when he had tried to torrent a file called, no joke, [BigTitsRoundAsses] 17.12.14 - Jazmyn [1080p], he ended up with a remote access trojan. However, crypto research project Rug Pull Finder tweeted, "Bruh - why is the attackers wallet funded by you then".

Theme tags: Rug pull

After five years in prison for a Ponzi scheme and a lifetime ban from the pharmaceutical industry, Martin Shkreli announces his new venture: a web3 drug discovery platform

Martin Shkreli sits at a table, arms crossed and smirkingMartin Shkreli (attribution)
Martin Shkreli, sometimes known as "Pharma Bro", earned notoriety after obtaining the patent for an anti-parasitic drug and hiking the price from $13.50 a pill to $750. An FTC lawsuit ordered Shkreli in January 2022 to return almost $65 million in wrongfully obtained profits, and banned him for life from the pharmaceutical industry.

In 2018, he was sentenced to federal prison for unrelated securities fraud; a U.S. Attorney stated he "essentially ran his company like a Ponzi scheme". He spent five years in prison, and was released in May 2022.

Shkreli is also banned from the securities industry, and from serving as an officer or director of any publicly traded company.

If this was anyone other than Martin Shkreli, I might have been surprised to hear that, only a little over two months out of prison and while still staying in a halfway house, Shkreli is launching a "web3 drug discovery software platform".

Theme tags: Bad idea

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