Ex-con Martin Shkreli, who spent several years in prison for financial fraud, recently jumped into the X space and publicly announced his role in creating the new Donald Trump-themed DJT token.
This comes after questions continued to arise about the authenticity of the token and accusations of insider trading.
The ex-convict participated in the creation of DJT
While posting on What to Barron Trump. Donald Trump's son.
The chain of events began after cryptocurrency analytics firm Arkham Intelligence offered a massive reward of $150,000 to anyone with information about the creator of DJT. ZackXBT responded to the post and was ready to reveal DJT's identity.
According to ZachXBT's series of posts, Shkreli wrote to him personally, Begging So that his matter would not be exposed, he even overthrew Andrew Tate and Barron Trump. However, a short time later, after pleading not to be identified, Shkreli hosted Space X, ousting himself as DJT creator.
This admission was as surprising as it was confusing because just a few hours earlier, the ex-convict had denied allegations of any involvement with DJT.
The ex-con initially claimed that DJT was officially linked to Donald Trump's presidential campaigns, even going so far as to place a bet with cryptocurrency trader GCR regarding the authenticity of that token.
Accusations of insider trading emerge
However, the situation continues to evolve. Martin Shkreli is now facing multiple insider trading charges. ZachXBT shared a screenshot of Shkreli encouraging someone to buy DJT tokens.
A blockchain investigator uncovered an insider named “Versosol” who Sold About $832,000 in DJT tokens, converting these proceeds into USDC, and transferring them to a central exchange. This same insider is also a significant investor in another Martin Shkreli project called Shoggoth.ai.
Lookonchain recently to publish On X an insider was making huge profits selling DJT. They withdrew 72 SOL from Binance and used 67.1 SOL to buy over 58.87 million DJT.
This insider later sold his tokens for over 10,241 USDC and 7,387 SOL. In essence, the insider made profits of over $1 million on investments of only about $9,400. According to many in the cryptocurrency community, these 110x gains indicate more insider trading, with Shkreli being the main culprit.
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