Crypto

Martin Shkreli Launches His Crypto Project Albumswap

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

The flawed former hedge fund manager is looking to trade stocks for crypto. Launch of a cryptographic project called Albumswap. The native token for Albumswap will be the $MS token that they just launched on their website. The token is priced at $1 per token in a fixed-style auction format.

Person behind Albumswap

Martin Shkreli is a former hedge fund manager and founder of Albumswap. Shkreli is also known for purchasing an unreleased Wu-Tang Clan album, which was seized from his estate after he was convicted of securities fraud.

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

Martin Shkreli has been released early and is now in a rehabilitation center located in New York. Shkreli’s federal custody is set to end in September, and as soon as he was released from prison, he took to his social media accounts to speak out. On Facebook, Shkreli joked that getting out of jail was “easier than getting out of Twitter prison.”

Last month, during a post on Twitter Spaces, the former hedge fund manager appeared to go from being a so-called ‘Pharma Bro’ to a ‘Crypto Bro’. Shkreli also said that he took advantage of decentralized exchange (dex) platform Uniswap behind bars.

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

an idea is born

Shortly after his appearance on Twitter Spaces, Uniswap founder Hayden Adams responded to Shkreli:

“Will Shkreli still like Uniswap when he knows I heard that?” [Wu-Tang Clan] album you bought more recently than him? Adams said.

Shkreli was quick to respond, replying to Adams’ tweet with:

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

It was thanks to Hayden’s tweet that gave Shkreli the idea to create a uniswap fork, which he ironically called Albumswap, a reference to the Wu-Tang album Adams was referring to. Albumswap is basically a clone of Uniswap, which is a decentralized exchange where users can trade tokens with each other. Shkreli explains:

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

When asked why he would create a Uniswap clone, Uniswap seemed to work fine. Glimpses of the old Shkreli seemed to reappear.

“I wasn’t planning that. But I didn’t really appreciate her tweet. I feel that if I can only take 5% of their market share, I will have done my job. Anything I can do to be a thorn in his side.”

Only time will tell if Martin Shkreli’s latest project becomes a hit. But one thing is for sure, it is never a good idea to bet against them.


        

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