Martin Shkreli, a financial figure due to his past securities fraud conviction, has claimed involvement in the creation of the DJT meme coin.
Consequently, this Solana-based cryptocurrency has stirred considerable debate due to its rumored connections with Barron Trump, son of former President Donald Trump.
Shkreli, released from prison in 2022, has actively engaged on social media, making bold claims about his involvement with DJT. He asserted to blockchain investigator ZachXBT that he possesses “over 1,000 pieces of evidence” supporting his collaboration with Barron Trump in the coin’s development.
During an X Spaces session, Shkreli mentioned that he assisted a friend in launching the token in April. He stated that around ten people were directly involved in its creation, with another 40 to 50 aware of the project. Shkreli’s mention of Barron Trump has fueled speculation regarding the Trump family’s connection to the coin.
Arkham Intelligence Bounty and Shkreli’s Bet
In response to Shkreli’s claims, Arkham Intelligence has offered a $150,000 bounty for definitive proof of DJT’s creator. This announcement came after Shkreli made a $100 million bet with a prominent crypto trader, GCR, on the authenticity of DJT. Arkham’s bounty notice emphasized the need for original and verifiable proof, stating that any accepted evidence would be made public.
For those who are confused and need additional context. Earlier today Arkham announced a $150K bounty for the identity of the DJT creator11:49 pm UTC I reply to Arkham saying I submitted for the bounty11:57 pm UTC Martin Shkreli panic DM’s me 12:27 am UTC Martin Shkreli… pic.twitter.com/pKCQDOo7AZ
— ZachXBT (@zachxbt) June 19, 2024
Shkreli’s decision to host an X Spaces discussion came shortly after the bounty announcement, suggesting that it might be related to submissions from notable figures like ZachXBT. The bounty has intensified the investigation into DJT’s true origins.
DJT’s trading history has been tumultuous. After reaching a high of 0.04738, the token’s value plummeted by nearly 70% to 0.01282, according to DEX Screener. This decline coincided with reports of insider trading activities linked to DJT.
Lookonchain reported that an insider had purchased a substantial amount of DJT before a public announcement, resulting in a profit of over $1 million from an investment of just $9,400. These allegations have sparked serious ethical and legal concerns within the crypto community.
Another insider bought a large amount of $DJT(#TrumpCoin) before the post and made more than $1M with a cost of only $9,400!This insider created a new wallet 3 days ago and withdrew 72 $SOL from #Binance.He spent 67.1 $SOL($9,400) to buy 58.87M $DJT, then sold for 7,387… pic.twitter.com/xe8fAYlwDG
— Lookonchain (@lookonchain) June 19, 2024
Speculation and Public Reaction
Public reaction to Shkreli’s claims and the DJT controversy has been mixed. Decentralized betting platform Polymarket has seen nearly $1.9 million in wagers on whether DJT was launched by Donald Trump or a family member. As of press time, only 17% of bets support the notion that the Trump family is behind DJT, which dropped to 7% following Shkreli’s statements on X Spaces, now trading at $0.01096, showing a 57% decline in the past 24 hours.
The initial rumor linking DJT to the Trump family originated from a tech blog, Pirate Wires, which cited undisclosed conversations. Despite the lack of direct confirmation from the Trump camp, the ongoing speculation draws attention and scrutiny from the crypto and broader financial communities.
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