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Martin Shkreli’s Druglike DAO Crypto Token Crashes Following an Alleged Hack

Former pharmaceutical executive Martin Shkreli’s recently-launched crypto token tanked 90% on Friday, Aug. 13, 2022, data from crypto exchange Binance shows.

The post Martin Shkreli’s Druglike DAO Crypto Token Crashes Following an Alleged Hack appeared first on BeInCrypto.

Former pharmaceutical executive Martin Shkreli’s recently-launched crypto token tanked 90% on Friday, Aug. 13, 2022, data from crypto exchange Binance shows.

The drop in price to fractions of a penny appeared to correlate with Etherscan data revealing a massive dump from a wallet suspected of being Shkreli’s through its Ethereum Name Server address. The pseudonymous nature of the blockchain makes it difficult to identify with certainty that the address belongs to Shkreli.

150 million MSI drained from 0xshkreli.eth

An alleged hacker apparently drained wallet address 0xshkreli.eth of over 150 million MSI, the native token of Shkreli’s Web 3 initiative, to an anonymous wallet Friday, Aug. 12, 2022. The allegation came from a discord account apparently belonging to Shkreli. By late Friday afternoon, the token’s value had dropped 90% from $0.00001442 to $0.000000957859, data from Coingecko shows. The token reached an all-time high of $0.00003431 on July 26, 2022.

Following his release, the former pharmaceutical executive had plans to launch Druglike, a new Web 3 initiative, to support early-stage drug discovery. In late July, the company announced a decentralized cloud-computing platform offering drug identification and design services of the same standard employed by large pharmaceutical companies. Contributors to the platform would receive rewards in a newly-minted cryptocurrency Martin Shkreli Inu. Shkreli also launched a decentralized exchange in June 2022.

Shkreli told the Daily Mail that the initiative was to stick it to big pharma. It would be great, Shkreli opined, if the next drug breakthrough resulted from volunteers using his new decentralized service instead of being channeled through a pharma giant like Merck.

Two attorneys general from North Carolina and New York are investigating whether the new venture violates a ruling by a federal judge, banning Shkreli for life from participating in the pharmaceutical industry.

Shkreli was once called ‘most hated man in America’

In Sep. 2015, Shkreli was heavily criticized for raising the price of Daraprim, an antiparasitic drug for which his company Turing Pharmaceuticals had acquired the license. Dubbed by the BBC as the “most hated man in America,” he subsequently defended the company’s price hike, citing the need to stay in business.

In 2017, Shkreli was sentenced to seven years in prison after being convicted of two counts of securities fraud and one count of conspiracy to commit securities fraud. He was released early in May 2022 after serving time at a minimum security prison in Pennsylvania.

 A spokesperson for Shkreli declined to comment on the alleged hack.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

The post Martin Shkreli’s Druglike DAO Crypto Token Crashes Following an Alleged Hack appeared first on BeInCrypto.

Source: Markets – BeInCrypto

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Veteran Investor Mark Mobius Expects Bitcoin Price to Fall to $10,000

Veteran Investor Mark Mobius Expects Bitcoin Price to Fall to ,000Veteran investor Mark Mobius, the founder of Mobius Capital, expects the price of bitcoin to fall to $10,000. Nonetheless, he said: “Crypto is here to stay as there are several investors who still have faith in it.” Mark Mobius’ Bitcoin Price Prediction The founder of Mobius Capital Partners, Mark Mobius, shared his latest bitcoin price […]

Veteran Investor Mark Mobius Expects Bitcoin Price to Fall to ,000

Veteran investor Mark Mobius, the founder of Mobius Capital, expects the price of bitcoin to fall to $10,000. Nonetheless, he said: “Crypto is here to stay as there are several investors who still have faith in it.”

Mark Mobius’ Bitcoin Price Prediction

The founder of Mobius Capital Partners, Mark Mobius, shared his latest bitcoin price prediction in an interview with Bloomberg Monday.

Prior to starting his own company, Mobius spent more than three decades at Franklin Templeton Investments. He previously served as the executive chairman of Templeton Emerging Markets Group where he managed more than $50 billion in emerging markets portfolios.

The veteran investor said that his next target for bitcoin is $10,000, noting that cryptocurrencies are “too dangerous” for him to invest his own cash or his clients’ money in.

Despite the collapse of crypto exchange FTX and subsequent market sell-offs, Mobius emphasized:

Crypto is here to stay as there are several investors who still have faith in it … It’s amazing how bitcoin prices have held up.

This was not the first time that the former Franklin Templeton executive mentioned $10,000 as his target for bitcoin’s price. In May, he advised investors against buying the dip, cautioning that the market still had some way to fall. In November last year, he said people should not look at cryptocurrencies as a means to invest but as “a means to speculate and have fun.”

Mobius is not alone in expecting the price of bitcoin to drop to $10,000. Doubleline Capital CEO Jeffrey Gundlach, aka the bond king, said in June: “I wouldn’t be surprised at all if it [bitcoin] went to $10,000.” Gold bug and economist Peter Schiff said this month that bitcoin still has a long way to fall. He valued BTC at $10K. Moreover, a recent Bloomberg MLIV Pulse survey showed that the majority of nearly 1,000 investors who responded expect bitcoin’s price to drop to $10K.

Meanwhile, some people are still very optimistic about the price of BTC. Venture capitalist Tim Draper, for example, said earlier this month that he expects bitcoin’s price to hit $250K by mid-2023.

Do you think the price of bitcoin will drop to $10K? Let us know in the comments section below.

Source: Markets and Prices Archives – Bitcoin News

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