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Opensea NFT Marketplace Claims Employee Profited From Insider Information

Opensea NFT Marketplace Claims Employee Profited From Insider Information

On September 15, the top non-fungible token (NFT) marketplace, Opensea, revealed that an Opensea executive profited from insider trading. Opensea disclosed to the public that it learned Wednesday that an employee purchased items they knew would be displayed on our front page. Opensea didn’t name the employee but social media posts claimed that an Opensea executive had used “secret wallets”.

Opensea Team Says NFT Market Operators Are ‘Incredibly Disappointed’

Opensea is the leading NFT market in terms of trade volume and during the last seven days, Opensea saw $519. 51 million in volume, according to dappradar.com stats. While the volume is decent, it is down 48. 20% during the last week in terms of sales. The number of Opensea traders increased by 6. 10% to 164,878 traders. On Wednesday, the Opensea management team announced that an employee has been accused of leveraging and profiting from inside information.

Yesterday we learned that an employee purchased items they knew would be displayed on our front page, before they were publicly shown,” Opensea’s statement explains. This is extremely disappointing. We want to be clear that this behavior does not represent our values as a team.”

Opensea to Implement New Policies for Employees

According to the marketplace operators, are conducting an “immediate and thorough review of this incident.” The firm wants to gather a “full understanding” of how this happened and go over precautionary steps. The popular NFT marketplace Opensea added the company has implemented a few new policies such as:

  • Opensea team members may not buy or sell from collections or creators while we are featuring or promoting them (e.g. on our home page); and
  • Opensea team members are prohibited from using confidential information to purchase or sell any NFTs, whether available on the Opensea platform or not.

On September 14, the Twitter account @Zuwutv tweeted about an employee leveraging “secret wallets” to buy front page drops. “Hey, Opensea,” Zuwutv tweeted. “Why does it appear @natechastain has a few secret wallets that appears to buy your front page drops before they are listed, then sells them shortly after the front-page-hype spike for profits, and then tumbles them back to his main wallet with his punk on it?”

The problem with insider information during NFT market auctions and sales is that the prices of NFTs in general can be susceptible to manipulation. Bitcoin.com News has covered the subject of manipulated NFT sales and auctions. The report discussed shill biding and how it can negatively affect NFT auctions and general auctions.

While social media posts have accused an executive of insider trading, Opensea didn’t name the employee in Wednesday’s statements. Opensea explained that the market’s determination to keep the NFT industry safe and trustworthy is evident in the fact that a suspect employee was able to manipulate NFT sales.

“For an open, new internet that empowers creators as well as collectors, trust and transparency must be incorporated into everything we do,” Opensea stated. “We’re committed to doing the right thing for our users and earning back the trust of the community we serve.”

What do you think about Opensea’s issue with an employee who was allegedly inside trading NFTs? Opensea Insider Info1347395420

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to sell or buy any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Yuga Labs’ Acquisition of Proof Fuels Moonbirds NFT Sales Uptick

Friday saw Yuga Labs, known for creating the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) series, unveiled its acquisition of Proof, a notable NFT startup behind the Moonbirds collection. Kevin Rose, founder of Proof, will assume an advisory role within Yuga, and the startup’s team plans to integrate into the Yuga framework…
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Locker Token, Euro Ice Hockey Champs Rogle BK To Hold In-Person NFT Events

press release

PRESS RELEASE. Locker token & Ice Hockey experts Rogle BK announced an In-Real-Life NFT (In-Real-Life) event at the Catena Arena, the home of European champions. This event will showcase NFTs as an innovative asset class and educate Rogle fans about how to use the blockchain to purchase their favorite player trading cards.

The event, due to take place on December 30th, will feature educational content, a free mint for the first 500 fans, and in-person interaction with cryptocurrency experts – The Nordic Whales.

About The Event

Rogle BK fans were the first fanbase able to mint their favourite players and in-game moments via the Locker sports NFT marketplace. With the Locker Token app, the team has the technology to create any NFTs desired by fans. The event was planned in line with the partnership to help blockchain enthusiasts make their first steps.

The event will be hosted and supported by local natives the Nordic Whales, who are located a mere 20 minutes from the stadium. Because they are close to the team, the AMA enthusiasts can provide educational content in English and Swedish.

The first 500 fans are in for a treat upon arrival after scanning the event QR code. This will provide them with a free mint, with a further 6500 being minted on the day that will be made available for purchase. The first 500 will be randomized in terms of rarity.

What is Locker Token?

Locker Token provides an ecosystem that allows athletes and sports teams to futureproof their offerings and monetize them through blockchain. It also connects fans and athletes via a unique asset type. After a successful contract migration, Locker’s ticker $LKT is now listed on CoinMarketCap.

Despite being a relatively new project, the ecosystem features a number of the worlds best Ice Hockey teams and players including; Rogle BK, Manchester Storm, and HC Bolzano. There are more Ice Hockey teams than other sports. The goal is to get each team’s fans to Locker and become engaged buyers and fans.

From a token perspective, the Ethereum price decline of late has dragged the price of $LKT with it due to the closely-connected nature of Locker as an ERC20 token. Despite the market downturn, the team has maintained its efforts to create and build new partnerships.

500 lucky fans will receive a free mint upon scanning a QR code.

About Rogle BK

RogleBK (Rogle Bandyklubb), is a professional Swedish ice hockey team based in Angelholm. The club has featured in the SHL most-recently since the 2015-16 season. Rogle has previously played in the SHL in 1992-1996, 2008-2010, and briefly in 2012-13.

The team is currently in a mixed season and are currently 9th in league standings. They are however on a two-game winning streak, with Adam Tambellini playing a big part in the team’s offensive play with 12 league goals to date.

Mint Rogle BK NFTs today via the Locker Token app for iOS and Android.


This is a press release. Before taking any action related to the promoted company, or any of its affiliates, or services, readers should do their due diligence. Bitcoin.com does not assume any responsibility for any loss or damage caused or alleged by the use or reliance of any content, goods, or services mentioned in this press release.

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Financie Begin to Prepare for the IEO of Entertainment DAO Project “SUPER SAPIENSS” Led by Yukihiko Tsutsumi and Katsuyuki Motorolahiro

press release

PRESS RELEASE. “SUPER SAPIENSS NFT” Public-Sale on December 24.

Financie, Inc. (headquarters, Tokyo; CEO, Hironao Kunimitsu; hereinafter “Financie”) has commenced to prepare for the IEO (*1) of the entertainment DAO project “SUPER SAPIENSS”. Additionally, “SUPER SAPIENSS NFT” will start a public sale from 24rd December, 6 am(EST) available for anyone.

SUPER SAPIENSS NFT https://supersapienss.com/nft/

SUPER SAPIENSS https://supersapienss.com/

Financie has launched the IEO support business in July 2022 to expand the “community-driven” creator economy. Financie will assist the entity/group in developing and creating the token economy. They will analyze and clarify the risks from the point-of-view of accounting and tax (*2) and prepare the applications to handle newly-issued crypto assets. Financie has a partnership agreement already with Light Inc. for their IEO. They are currently in discussions to Angkor Tiger FC and Iganmu Tiger FC about their IEO.

“SUPER SAPIENSS” is an entertainment project initiated by three directors, Yukihiko Tsutsumi, Katsuyuki Motohiro, and Yuichi Sato, who lead the Japanese entertainment and film industry, and the producer Takeshi Moriya, known for “Midnight Swan” and other films, to carry out the entire process from creation of the original work to its visualization. Since the launch of the project on FiNANCiE in January 2022, it has been active with the co-creation community in the production of original videos and webtoons, and the NFT. Financie supports the issuance “SUPER SAPIENSS”, crypto assets token. This will allow “SUPER SAPIENSS” token economy to grow beyond FiNANCiE.

*1 IEO stands for “Initial Exchange Offering”. Token offerings can be made through exchange platforms. Before a sale is initiated, there are many checks and due diligence. Tokens can be used to raise funds and to create and strengthen communities.

*2 Financie does not provide professional advice based on the Lawyers Act, the Certified Public Tax Accountants Act, etc.

[(Outline of Public Sale)]

Target: Anyone can purchase on the Mint website (first-come-first-served basis)

Period:

2022/12/24 6 am ~ 2022/12/25 6 am (EST)

2022/12/24 11 am ~ 2022/12/25 11 am (GMT)

2022/12/24 3 am ~ 2022/12/25 3 am(PST)

Quantity: 500 + the amount not sold out in the Pre-Sale at the Minting site (no limit of mints / up to 5 mints at a time)

Payment method: ETH payment

Remarks: The management will keep the unsold items and use them for burn or future development to avoid selling pressure.

Purchase Page:https://supersapienss.com/nft/

[(Comments from the producers)]

#Takeshi Moriya, SUPER SAPIENSS Producer

“I’m very excited to begin the preparations for IEO.

We have been engaged in various activities as SUPER SAPIENSS for about a year, and it has passed so fast.

Starting with the community creating onFiNANCiE platform, we organized and commenced actor auditions, the Japan tour of “SUPER SAPIENSS THE BEGINNING,” which is led by members of the community, and NFT and WebTOON, that is now being launched. Through such activities, we hope to create new entertainment opportunities.

In preparation for the IEO, we are considering various measures linked to the community tokens in FiNANCiE, and NFT holders, so that we can create an entertainment which everyone from all over the world can enjoy’.

#Hironao Kunimitsu, CEO, Financie, Inc.

“I believe the success of this SUPER SAPIENSS IEO will be very important for NFT’s future. We will try our best to achieve it.

As the one and only Web3 platform provider in Japan, Financie will continue to support the formation and expansion of the token ecosystem through its token-issuing crowdfunding service “FiNANCiE”, NFT business, and IEO support business, in order to achieve its corporate vision of “Empowering the next billion dreams”‘.

About Financie, Inc.

Financie, Inc. provides the businesses that support the formation of communities and ecosystems using tokens, including FiNANCiE, a token-issuing crowdfunding service that utilizes blockchain, NFT business, and IEO support business. Currently, more than 180 sports teams, entertainment projects, and individuals have issued/sold/operated their own tokens on FiNANCiE. Japan’s only Web3 platform, which supports the creation and expansion of token ecosystems in an integrated way, will be established.

FiNANCiE|FiNANCiE https://financie.jp/

App: App Store (Supported OS: iOS 14.0 and above)

https://apps.apple.com/jp/app/financie/id1470196162

App: Google Play (Compatible OS: Android 6.0 and above)

https://play.google.com/store/apps/details?id=jp.financie.ichiba


This is a press release. This is a press release. Readers are responsible for their own research before making any decisions about the promoted company, or any of its affiliates. Bitcoin.com does not assume any responsibility for any loss or damage caused by the content, goods, or services mentioned in this press release.

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