Convicted fraudster Martin Shkreli to launch Uniswap clone

Convicted in 2017 of fraud, American investor and hedge fund manager Martin Shkreli announced the launch of a decentralized exchange Albumswap.

Martin Shkreli Launches His Crypto Project Albumswap https://t.co/0mJz7sGKxO via @YahooFinance

— Martin Shkreli (@AnonShkreli) June 16, 2022

The new DEX will have its own governance token MS.

The Albanian-origin entrepreneur gained notoriety for drug speculation. His companies bought drug rights and raised their prices dramatically. For Thiola, used to treat a rare disease, the price rise was about 2000%.

Shkreli’s conduct drew wide public attention in the United States, and he earned the nickname “Pharma Bro.”

In December 2015 the SEC accused him of securities fraud. According to the regulator, the entrepreneur orchestrated a Ponzi scheme. In 2017 a court sentenced him to seven years in prison and a fine of $7.36 million. In May 2022 Shkreli was released early for good behaviour.

Why Albumswap?

In 2015 the entrepreneur paid $2 million to acquire exclusive rights to a new album by the iconic Wu-Tang Clan, which he hadn’t even listened to.

After his release Shkreli said that while in prison he learned about cryptocurrencies and used the decentralized exchange Uniswap. He called the platform “really cool.”

Founder of the leading DEX Hayden Adams wrote:

“Will Shkreli still like Uniswap when he learns I listened to that WuTang album he bought more recently than him?”

Will Shkreli still like Uniswap when he learns I listened to that WuTang album he bought more recently than him? https://t.co/7ONZTFihtz

— hayden.eth 🦄 (@haydenzadams) May 21, 2022

Shkreli reacted to Adams’ post by asking his followers:

“Guys, should I launch my own DEX to teach this guy a lesson?”

According to the entrepreneur, the project would be a fork of Uniswap, and its name would be inspired by the discussed album.

“I didn’t plan this. But I really didn’t credit his tweet. In my view, if I can capture at least 5% of their market share, I will do my job. All I can do is be a thorn in their side,” Shkreli said.

According to ForkLog’s report, as of May Uniswap remained the undisputed leader among DEXes by monthly trading volume. The platform’s figure stood at $62 billion (more than 57% of the total). Curve, in second place, had over $26 billion.

In May, Uniswap’s trading volume exceeded $1 trillion since the DEX launched in 2018.

Read ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, rates and analytics.