American investor and hedge fund manager Martin Shkreli, who was convicted of fraud in 2017, announced the launch of the albumswap decentralized exchange.

Martin Shkreli Launches Crypto Project Album Exchange https://t.co/0mJz7sGKxO @Yahoo Finance

— Martin Shkreli (@AnonShkreli) 16 June 2022

The new DEX will receive the MS management token.

An entrepreneur of Albanian descent gained notoriety for drug speculation. His companies bought the rights to the drugs and repeatedly increased their prices. For example, for Thiola used to treat a rare disease, the increase was about 2000%.

Shkreli’s activities caused widespread public outcry in the United States, and he earned the nickname “medicine brother”. [Pharma bro].

In December 2015, the SEC charged him with securities fraud. According to the organizer, the entrepreneur organized a Ponzi scheme. In 2017, the court sentenced him to 7 years in prison and $7.36 million in fines, in May 2022 Shkreli was released early on good behavior.

Why Change Album?

In 2015, the entrepreneur bought the exclusive rights to the new album of the cult group Wu-Tang Clan for $ 2 million and did not even listen to it.

After his release, Shkreli admitted that he was introduced to cryptocurrencies while in prison and used the Uniswap decentralized exchange. He described the platform as “really great”.

Hayden Adams, founder of the DEX server, wrote:

“Would Shkreli still like Uniswap if he knew I was listening to the WuTang album he later bought?”

Will Shkreli still love Uniswap when he finds out I listened to the WuTang album he bought more recently than he did? https://t.co/7ONZTFihtz

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

Shkreli responded to Adams’ post by asking his followers the following question:

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

According to the entrepreneur, the project will be a fork of Uniswap and its name is inspired by the album under discussion.

“I didn’t plan on that. But I didn’t really like your tweet. For me, if I can get at least 5% of their market share, I’ll do my job. All I can do is get in trouble for them,” Shkreli said.

As of May, Uniswap remains the stable leader among DEXs in terms of monthly trading volume, according to a ForkLog report. The platform benchmark was $62 billion (more than 57% of the total). Moving to second place, Curve has more than $26 billion in cash.

Recall that in May, the volume of deals made on Uniswap exceeded US$ 1 trillion since the launch of DEX in 2018.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.