OpenSea is one of the leading sites in digital asset trading. Previously, OpenSea does not prevent team members from buying or selling featured collections and using confidential information for NFT trading, but a recent management discovery changed the entire system.
“Yesterday we learned that one of our employees purchased items that they knew were set to display on our front page before they appeared there publicly,” said Devin Finzer, the co-founder and chief executive of the site.
‘’This is incredibly disappointing. We want to be clear that this behavior does not represent our values as a team. We are taking this very seriously and are conducting an immediate and thorough third-party review of this incident so that we have a full understanding of the facts and additional steps we need to take”, Finzer added.
NFTs are digital assets whose ownership is recorded and tracked using a bitcoin-style blockchain. The NFT market boomed earlier this year as celebrities such as Grimes, Andy Murray, and team leader Berners-Lee used this format to sell collections and artwork.
Crypto traders find that an anonymous user regularly buys items from the public market, shortly before they are advertised on the front page of the site, a reputable site that often attracts potential buyers. The anonymous user then sells his assets and earns large sums of money in a matter of hours.
A very good example would be an artwork called Spectrum of a Ramenification Theory which was bought for about £600 before being published on the site, and eventually raked in and sold for $4,000 a few hours after it was advertised on the front page.