A while ago, the MSI altcoin project started by Martin Shkreli, also known as “Pharma bro” on Ethereum, was the subject of a rug pull. With more than 160 billion MSIs sold, the coin’s value has dropped by 90 percent. Shkreli recently “confessed” that the hack took place because he had downloaded a file he thought was “pornography”. Here are the details…
The collapse in the altcoin project was caused by a file
Martin Shkreli Inu of the same name, linked to Shkreli’s Web3 project “Druglike”, was recently hacked. As Cryptokoin.com reported, the process resulted in a loss of $450,000 after a Shkreli-related wallet dumped 162 billion MSI tokens on the market. Shkreli said he was hacked when questioned on Druglike’s Discord channel. YouTuber Muta Anas posted a video calling on Shkreli for the “I’ve been hacked” comment. Then Shkreli reached out to Anas to explain what had happened.
He explained that the suspicious token sale was the result of a malware that crashed while trying to download pornography. According to Shkreli, the file was not a .mp4 but a .zip file containing a 700 megabyte screensaver. Fresh out of jail after being convicted in 2018 for raising the price of a life-saving drug by almost 500 percent, Shkreli immediately flocked to web3/cryptocurrencies.
Shkreli gives investment advice on social media
According to Bloomberg, Shkreli is all over social media looking for an audience for investment tips. The former CEO of Turing Pharmaceuticals AG was investing in crypto while in prison. The former pharmaceutical company executive reportedly hosts investment Q&A sessions with individual investor followers on Reddit. At these events, AMC Entertainment Holdings Inc. and investment talks involving cryptocurrencies, including Bitcoin and Ethereum. Shkreli is generally unpopular in the US after gaining fame for his feud in 2018. It is surprising that after completing his time in prison, he returned to investment tips almost as soon as he was released.
The Martin Shkreli Inu is changing hands at $0.000006611 at the time of writing and is down 7 percent. However, looking at the cryptocurrency’s record level of $0.0000342, a drop of close to 90 percent is striking. As a result, crypto investors need to invest in their own research. Predictably or not, fraud is rampant in the field. Even though Shkreli says it was hacked, a lot of people keep claiming rug pull. “Rug pull” has often been used to describe a problematic situation occurring in the cryptocurrency world that could result in serious monetary problems for investors.
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