Two months after his release from federal prison after serving four years for multiple counts of securities fraud, controversial former hedge fund manager and top Google search for “most hated man in America” Martin Shkreli has pivoted to the blockchain sector.
Speaking with crypto-focused newsletter Milk Road, Shkreli outlined plans to use blockchain technology to reenter the pharma industry: “It’s called Druglike. It’s a piece of software that lets anyone design a drug on their computer.”
As part of his Druglike blockchain project, the Shkreli has launched his own Ethereum-based cryptocurrency called “Martin Shkreli Inu”, of which he is the largest owner with 16% of supply.
Explaining the project, Shkreli said: “Whether you’re at a company, or a college student, or just a kid who wants to try it at home. The goal is to make it so eventually, drugs are cheaper to buy for everyone plus every rare disease can be treated.”
Although proof of concept is yet to be released, a 30-page whitepaper provides a framework for a proof-of-work blockchain on which the project will run.
Shkreli’s cited goal to provide cheap pharmaceutical products is in stark contrast to the immense price-gouging his company Turing Pharmaceuticals took part in which gained the executive international notoriety.
Shkreli’s life of infamy
Shkreli gained infamy in 2015 when his firm Turing Pharmaceuticals purchased the rights to life-saving anti-parasitic drug Daraprim, which is used to treat HIV/AIDS patients.
Under Shkreli’s command, Daraprim went from US$13.50 per pill to US$750 overnight, sparking global outrage and a conversation into America’s lack of regulation surrounding drug prices.
The Brooklyn court handed down the sentence in August 2017 — Source: Reuters
Shkreli was sentenced to seven years in federal prison for two counts of securities fraud (unrelated to the Daraprim controversy), of which he served four.
Shkreli’s history of of adventures includes:
- Offering a US$5,000 bounty on a strand of Hilary Clinton’s hair (which got him permanently banned from Facebook)
- Purchasing the one and only copy of secret Wu Tang Clan album Once Upon a Time in Shaolin for US$2mln, only agreeing to release it if Donald Trump won the 2016 presidency (he proceeded to partially stream it a day after the election)
- Founding a prison gang while locked up called “Crypto Thugz”
- Forming a relationship while in prison with former Bloomberg journalist Christie Smythe, who divorced her husband 10 years for the inmate
Shkreli is banned for life from the pharmaceuticals industry due to his previous actions.
It is not clear whether Druglike is in breach of the ruling.