Martin Shkreli starts his crypto project Albumswap

New York, June 16, 2022 (GLOBE NEWSWIRE) —

The flawed former hedge fund manager is looking into trading stocks for crypto. Starting a crypto project called Albumswap. The native token for Albumswap will be the $MS token he just published on his website. The token costs $1 per token in a fixed-style auction format.

Person behind album swap

Martin Shkreli is a former hedge fund manager and founder of Albumswap. Shkreli is also known for having purchased an unreleased Wu Tang Clan album that was confiscated from his estate after he was convicted of securities fraud.

A non-fungible token (NFT) art collective eventually bought the unreleased Wu Tang Clan record for $4 million. Shkreli was sentenced to seven years for his crime but got out early by completing reduced sentence programs or good behavior programs.

Martin Shkreli was released early from prison and is now in a transitional home in New York. Shkreli’s federal detention ends in September, and as soon as he was released from prison, he took to his social media accounts to speak out. On Facebook, Shkreli jokingly said that getting out of jail was “easier than getting out of Twitter jail.”

Last month, the former hedge fund manager appeared to be transitioning from a so-called “pharma bro” to a “crypto bro” during a post on Twitter Spaces. Shkreli also said he used decentralized exchange platform Uniswap behind bars.

“Uniswap is really cool. I started using Uniswap in prison,” Shkreli told his Twitter Spaces attendees. Shkreli seems to believe in the crypto ecosystem and decentralized finance (DeFi) wholeheartedly.

An idea is born

Shortly after appearing on Twitter Spaces, Uniswap founder Hayden Adams replied to Shkreli:

“Will still like Shkreli Uniswap when he finds out I’ve been listening to this [Wu-Tang Clan] album he bought recently?” Adams said.

Shkreli was quick to respond, replying to Adam’s tweet with:

“Should I start my own DEX to teach this guy a lesson?”

It was thanks to Hayden’s tweet that Shkreli came up with the idea of ​​developing a Uniswap fork, which he ironically calls Albumswap, a reference to the Wu-Tang album Adams was referring to. Albumswap is basically a Uniswap clone, which is a decentralized exchange that allows users to swap tokens for one another. Shkreli explains:

“I became interested in crypto while incarcerated. I actually used Uniswap in prison. And that was the inspiration for my current project called Albumswap, which is basically a Uniswap fork.”

When asked why he would make a Uniswap clone when Uniswap seems to work fine. It seemed that flashes of old Shkreli were returning.

“I hadn’t planned that. But I really didn’t appreciate his tweet. I feel like I’ve done my job if I can capture even 5% of its market share. Anything I can do to be a thorn in his side.”

Only time will tell if Martin Shkreli’s latest project will be a success. But one thing is for sure, betting against him is never a good idea.


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