‘NFT eBay’ splashed with insider trading scandal

OpenSea, essential, represents more than 95% of share of a market in full boom, which reached 3.25 billion dollars of volumes of transactions in August.

His name is not yet well known to the general public, but in the world of crypto-assets called “NFT”, he is a giant. The OpenSea marketplace is to the phenomenon of these valuable digital tokens what eBay is to e-commerce between individuals. Indispensable, it represents over 95% of a booming market, which reached $ 3.25 billion in transaction volumes in August.

We need to build trust and transparency into everything we do. We are committed to doing the right thing for our users and winning back the trust of the community we serve

Devin Finzer, CEO and co-founder of OpenSea.

Problem: one of the managers of OpenSea was using, through various anonymous portfolios, information he had in advance to buy NFTs before they were put forward on the main page of the platform. Easy in these conditions to speculate on the rise and to earn money … In stock market language, this is akin to “insider trading”. Except that this sector is not subject to rules equivalent to those of a financial market. However, it is the transparency linked to blockchain technology that has allowed users to lift the hare.

For OpenSea, the case is problematic. This is the crucial issue of trust, which is at the heart of the system. “We need to build trust and transparency into everything we do. We are committed to doing the right thing for our users and winning back the trust of the community we serve», Explained its CEO and co-founder, Devin Finzer, who announced the opening of an independent investigation and new internal rules of conduct. But this case calls for stronger regulation of this sector, in order to guarantee a healthier development.

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