The crypto community on X (formerly Twitter) buzzed with excitement this week over the DJT token, rumored to be the “official” Donald Trump token. The truth behind its creation has now surfaced, revealing that Martin Shkreli, infamously known as “Pharma Bro,” claims he and Barron Trump developed the token after initially denying any involvement.
This revelation followed a series of dramatic events, including Shkreli’s $100 million bet with prominent crypto trader GCR on the token’s authenticity. Blockchain investigator ZachXBT uncovered evidence linking Shkreli to the token. Despite the controversy, the Trump campaign has not commented on the matter as of Wednesday.
Shkreli’s Admission and the Hunt for DJT’s Creator
On Tuesday, Shkreli admitted his involvement in the DJT token during an X spaces podcast, which was attended by thousands. This confession came days after he denied any connection, even as influential accounts like GiganticRebirth (GCR) and ZachXBT investigated the token’s origins.
“I have 1000 pieces of evidence I created it with Barron,” Shkreli messaged ZachXBT, confirming the same on his podcast shortly after. The DJT token gained significant attention on Monday due to its alleged links to Donald Trump and his son Barron, sparking widespread speculation among crypto enthusiasts.
Blockchain sleuths discovered that the DJT token’s Telegram channel shared the same administrators as another token backed by Shkreli. Initially, Shkreli denied any involvement, but DJT’s popularity continued to surge.
GCR’s Challenge and Shkreli’s Response
The drama escalated on Tuesday night when GCR, an anonymous and influential crypto trader, questioned Trump’s alleged involvement in the token. He placed a $100 million bet against Trump having any connection to the project, a wager initially suggested by crypto trader Alex Wice for $1 million. Shkreli’s provocative posts drew GCR, a known Trump supporter, into the debate.
GCR insisted that Trump himself would have to confirm his involvement for the token to be considered legitimate. He claimed there was a strategy to bribe people in Trump’s orbit to falsely claim a connection to the project. GCR also mentioned being approached to participate in the DJT project, which he declined. Shkreli denied this approach ever happened.
ZachXBT and the Bounty for DJT’s Creator
Following GCR’s post, Arkham, an on-chain intelligence firm, announced a $150,000 bounty for identifying the DJT token’s creator. ZachXBT, a highly regarded crypto investigator, took up the challenge, eventually submitting his findings to Arkham. Shkreli’s messages to ZachXBT and his podcast confession soon followed.
Shkreli now demands that GCR honor the $100 million bet, asserting his co-creation of the token with Barron Trump’s involvement. Meanwhile, transactional data flagged by ZachXBT shows one significant DJT holder sold nearly $830,000 worth of tokens late Tuesday, despite the drama.
Impact on DJT Token Value
The controversy has affected the DJT token’s value, with prices plummeting 58% in the past 24 hours. Amid the turmoil, at least one large holder in both DJT and Shkreli’s other project, Shoggoth.ai, has been profiting.
