It’s common now!! Nowdays people so much greedy they Don't care about people they just care about money
Something like this was bound to happen as it happens in all the markets however that is not the problem, the problem is that there are no consequences for this kind of behavior, if this happened in the stock market even if the person doing it was very powerful you can be sure that they will spend some time in jail, do I believe this is going to happen in this case? Of course not, and as such something like this is going to keep happening until those which do this face the consequences of their actions. 
Topic: OpenSea head officer caught on insider trading (Read 203 times)
This is where the decentralization part will come in. Like many has said before, this is the wild wild west of cryptocurrency. There is really no big regulating committee or companies that regulate the use of cryptocurrencies and how it is being implemented. Of course like stock market, cryptocurrency can also be a front for inside trading where those who has access to valuable information will be powerful and will be able to amass so so much that it would be disadvantageous to those who will buy high. Such a sad thought of people also doing it in crypto.
As far as I can tell, the only reason he was discovered was is due to the fact that he was sloppy. He could have simply mixed his coins or exchanged them into fiat and back again, and no one would have ever discovered him. I don't think this case will be the last; there will be others who will follow in his footsteps. This is why centralized platforms are not the best choice for businesses such as this.
People need to remember this when they are trading or investing in altcoins, the manipulation in that market is extreme and most of the time you are not going to have any legal way to get that money back even if something like this eventually comes up, so I would advice people to be incredibly careful as once your coins are outside your wallet and then something like this occurs there is not chance you will see those coins back, however I doubt many people will follow this advice as the greed is too strong in this market. ~snip~
Have you seen the latest update from them? I've updated it on my post, the one you quoted.I think Opensea are letting the third party give em recommendations, they rely upon the third party to solve what should be done to the problem, I guess we can see your #1 and #2 points if it does become one of the recommendations that the third party give or not.
Regarding transparency, on the latest update, they emphasize a lot of the will to improve the transparency within the platforms. Anyway, We'll see how this will play out.
I have heard the same story and it is one of the problems of the NFT-market that must be solved in the future. People can just buy their own works from other wallets to add value to their works. Nobody can be sure if all expensive works were bought by a real collector, or by its creator, for example.
This system is unregulated, so we can have only guesses and very few facts.
this drama must be finished immediately and must find a solution for the future.This system is unregulated, so we can have only guesses and very few facts.
if it's like this, and let it continue. an amateur can make an NFT work and buy it himself at a very high price. only to increase the popularity of his work. or rather to defraud some other investors in the NFT market.
The fear that had been disputed in the NFT project and market has finally become a reality. and we see one drama that might end badly for the NFT market.
Currently the drama cannot be controlled by the NFT, because what happens is that everyone can make art and sell it freely in the market from the work, although many frauds are carried out because there is no special prohibition they made to limit each work of art through the authorities. In certain cases, if this cannot be controlled, it is very likely that in the future NFT will have problems and will be increasingly abandoned in the future.
I have heard the same story and it is one of the problems of the NFT-market that must be solved in the future. People can just buy their own works from other wallets to add value to their works. Nobody can be sure if all expensive works were bought by a real collector, or by its creator, for example.
This system is unregulated, so we can have only guesses and very few facts.
this drama must be finished immediately and must find a solution for the future.This system is unregulated, so we can have only guesses and very few facts.
if it's like this, and let it continue. an amateur can make an NFT work and buy it himself at a very high price. only to increase the popularity of his work. or rather to defraud some other investors in the NFT market.
The fear that had been disputed in the NFT project and market has finally become a reality. and we see one drama that might end badly for the NFT market.
I have heard the same story and it is one of the problems of the NFT-market that must be solved in the future. People can just buy their own works from other wallets to add value to their works. Nobody can be sure if all expensive works were bought by a real collector, or by its creator, for example.
This system is unregulated, so we can have only guesses and very few facts.
This system is unregulated, so we can have only guesses and very few facts.
It seems that @natechastain, one of the OpenSea executives, was caught on insider trading.
source: https://twitter.com/zuwutv/status/1437921263394115584
According to twitter user @ZuwuTV, here is one tx on returning profits to the main 0xa3a4548b39da96eb065ff91811ca30da40431c0d wallet after flipping the item currently on the front page of the OpenSea platform: https://etherscan.io/tx/0x54bcb222978a0daa91276edce9d59fab8d276439c797d123c29fadf4ccacf316
What is your opinion on this? I am looking forward to watching this drama unfold.
source: https://twitter.com/zuwutv/status/1437921263394115584
According to twitter user @ZuwuTV, here is one tx on returning profits to the main 0xa3a4548b39da96eb065ff91811ca30da40431c0d wallet after flipping the item currently on the front page of the OpenSea platform: https://etherscan.io/tx/0x54bcb222978a0daa91276edce9d59fab8d276439c797d123c29fadf4ccacf316
What is your opinion on this? I am looking forward to watching this drama unfold.
The value of gas is getting higher, caused by some people who trade in NFT, who can't be controlled in promoting their art, basically NFT provides room for everyone to trade art, but there are limits that must be considered so that art works it can provide good value in the future, otherwise the higher gas will be a problem in the future.
Edited to clarify that the internal review will be conducted by a third party.
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.
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.
Such promises will not solve the problem and will affect the platform’s reputation in the future. If they are serious about taking a solution to the problem, they should start implementing some steps:
- Hiring a third party to ensure that there is no tampering with the platform, especially among employees.
- Careful examination of everyone who has access to this sensitive information, which may affect sales, and to ensure that there is no conflict of interest.
- Attempting to change the current system to ensure transparency without the need for a third party.
without above things, they are give fake promises.
~snip~
Look like the announcement is edited:
Edited to clarify that the internal review will be conducted by a third party.
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.
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. We have also implemented the following policies:
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.
For a new, more open internet that empowers creators and collectors, we will need to bake in trust and transparency into all that we do. We’re committed to doing the right thing for our users and earning back the trust of the community we serve.
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.
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. We have also implemented the following policies:
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.
For a new, more open internet that empowers creators and collectors, we will need to bake in trust and transparency into all that we do. We’re committed to doing the right thing for our users and earning back the trust of the community we serve.
I'm not too experienced with Opensea, but are those policies are just implemented because one of the team got caught or has it's been implemented long ago? If it has just been implemented, then the suspicion should be raised that probably they/he might do it not once. It is just now that he has been caught to do it.
Latest Update:
Update (9/16/2021)
When we launched OpenSea, there was only one collection on our platform: CryptoKitties. Today, there are 20 million NFTs to discover on OpenSea. We owe this growth to the vibrant community of creators and collectors who use our platform every day, and we have a strong obligation to this community to move it forward responsibly and diligently. The behavior of one of our employees violated that obligation and, yesterday, we requested and accepted his resignation.
We do not take this behavior lightly. Upon learning of this conduct, we immediately commissioned a third party to conduct a thorough review of the incident and make recommendations on how we can strengthen our existing controls. That review is ongoing but we are committed to quickly implementing its recommendations.
NFTs enable something incredible that never existed before: they allow us to own things (like game items, digital art, event tickets, or collectibles) in the digital world, just like we own them in the physical world. This fundamentally changes the Internet in a way that requires strong values, organized conduct, and transparency. As a marketplace at the forefront of this new space, we want OpenSea to be a level playing field for buyers, sellers, creators, collectors, developers, and those who are new to the space. We are incredibly thankful for the support of our community, and will continue to invest in practices and policies that keep our platform open and transparent. We’ll continue to proactively provide updates as we evolve our policies and increase transparency in all that we do.
~snip~
When we launched OpenSea, there was only one collection on our platform: CryptoKitties. Today, there are 20 million NFTs to discover on OpenSea. We owe this growth to the vibrant community of creators and collectors who use our platform every day, and we have a strong obligation to this community to move it forward responsibly and diligently. The behavior of one of our employees violated that obligation and, yesterday, we requested and accepted his resignation.
We do not take this behavior lightly. Upon learning of this conduct, we immediately commissioned a third party to conduct a thorough review of the incident and make recommendations on how we can strengthen our existing controls. That review is ongoing but we are committed to quickly implementing its recommendations.
NFTs enable something incredible that never existed before: they allow us to own things (like game items, digital art, event tickets, or collectibles) in the digital world, just like we own them in the physical world. This fundamentally changes the Internet in a way that requires strong values, organized conduct, and transparency. As a marketplace at the forefront of this new space, we want OpenSea to be a level playing field for buyers, sellers, creators, collectors, developers, and those who are new to the space. We are incredibly thankful for the support of our community, and will continue to invest in practices and policies that keep our platform open and transparent. We’ll continue to proactively provide updates as we evolve our policies and increase transparency in all that we do.
~snip~
It is said that the person only earned 18 eth from this incident. The money he used to do this was the money his wife’s boyfriend used to treat his dog.（Online rumor） 
To be honest, if that person is me. I might make more money from it.
This kind of thing is unavoidable at present. In major centralized exchanges, there are more similar incidents.
To be honest, if that person is me. I might make more money from it.
This kind of thing is unavoidable at present. In major centralized exchanges, there are more similar incidents.
hehehe this proves what many digital art NFT critics' suspicion.
True. Those critics that have been talking about their doubts and suspicions towards the NFT market, well, I guess that they'll spear more on this issue after being caught.
It seems that @natechastain, one of the OpenSea executives, was caught on insider trading.
source: https://twitter.com/zuwutv/status/1437921263394115584
According to twitter user @ZuwuTV, here is one tx on returning profits to the main 0xa3a4548b39da96eb065ff91811ca30da40431c0d wallet after flipping the item currently on the front page of the OpenSea platform: https://etherscan.io/tx/0x54bcb222978a0daa91276edce9d59fab8d276439c797d123c29fadf4ccacf316
What is your opinion on this? I am looking forward to watching this drama unfold.
source: https://twitter.com/zuwutv/status/1437921263394115584
According to twitter user @ZuwuTV, here is one tx on returning profits to the main 0xa3a4548b39da96eb065ff91811ca30da40431c0d wallet after flipping the item currently on the front page of the OpenSea platform: https://etherscan.io/tx/0x54bcb222978a0daa91276edce9d59fab8d276439c797d123c29fadf4ccacf316
What is your opinion on this? I am looking forward to watching this drama unfold.
I don't think this is any real surprise. Crypto is still the wild west, greed grabs a hold of any successful venture and usually collapses. Am going to have the popcorn ready watching this calamity unfold. Most likely will get buried amongst all the other stories though.
As far as I can tell, the only reason he was discovered was is due to the fact that he was sloppy. He could have simply mixed his coins or exchanged them into fiat and back again, and no one would have ever discovered him. I don't think this case will be the last; there will be others who will follow in his footsteps. This is why centralized platforms are not the best choice for businesses such as this.
NFT sphere is a Wild West now - no regulation, huge risks, great opportunities. And also many rich people obviously are using NFT markets for money laundering, hehe 
hehehe this proves what many digital art NFT critics' suspicion.
OpenSea admitted and says mea culpa?
It's the least they can do. I don't think this incident will create more transparency in the platform. They will just find better ways to hide their pumping strategy and keep doing it. I hope this revelation would force NFT fanatics to think twice before buying these "arts". Quote from: OpenSea
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.
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 review of this incident so that we have a full understanding of the facts and additional steps we need to take. We have also implemented the following policies:
For a new, more open internet that empowers creators and collectors, we will need to bake in trust and transparency into all that we do. We’re committed to doing the right thing for our users and earning back the trust of the community we serve.
source: https://opensea.io/blog/announcements/employee-information-use-at-opensea/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 review of this incident so that we have a full understanding of the facts and additional steps we need to take. We have also implemented the following policies:
- 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.
For a new, more open internet that empowers creators and collectors, we will need to bake in trust and transparency into all that we do. We’re committed to doing the right thing for our users and earning back the trust of the community we serve.
How not, because of the rampant sales of NFT, it has become a source of abundant income even for an executive involved in Opensea. This proves that the possibility of rampant insider selling is not just one or two cases. If you look at the current list of NFTs on Opensea, it's quite worrying. Random NFT at a glance is just an NFT that we can create and enter into Opensea and then set the price according to our wishes. That way, they stumble and compete for the top spot. Finally, involvement is the key to uncovering activities that are quite detrimental to many parties.
Crypto trading is in large part a Wild West. Where there is no regulation, the door is open to abuse through insider trading, pump and dumps and other forms of abuse. But this is not a new problem, it is part of the crypto market. And I think due to its decentralized nature is will remain a part for a long time. So this news is not a surprise.
I agree that this is not a surprise at all, what are people expecting out of NFTs? The idea has some merit and it could eventually work out but the way all of this is being implemented is all wrong and I feel this is going to keep being this way for a long time and as such I have no interest in forming part of it because the only ones that will become rich are the ones that create market places to trade NFTs and the people that sell them for inflated prices to the public. 
No wonder an insider trading case for NFT popped up. I heard something similar in the Solana NFTs too where someone was buying all rare NFTs in popular NFT projects.
People were getting mad at him because he was able to buy rare NFTs in multiple projects.
This seems similar and I think it's quite stupid for people like us to pay such huge amounts and get into the hassle of buying NFTs among such large population while these people are getting the rare NFTs just like that.
This doesn't look fair at all and this might end the NFT craze as well if it keeps going on like this where a few people gets all the rare NFTs.
People were getting mad at him because he was able to buy rare NFTs in multiple projects.
This seems similar and I think it's quite stupid for people like us to pay such huge amounts and get into the hassle of buying NFTs among such large population while these people are getting the rare NFTs just like that.
This doesn't look fair at all and this might end the NFT craze as well if it keeps going on like this where a few people gets all the rare NFTs.
OpenSea admitted and says mea culpa?
Quote from: OpenSea
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.
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 review of this incident so that we have a full understanding of the facts and additional steps we need to take. We have also implemented the following policies:
For a new, more open internet that empowers creators and collectors, we will need to bake in trust and transparency into all that we do. We’re committed to doing the right thing for our users and earning back the trust of the community we serve.
source: https://opensea.io/blog/announcements/employee-information-use-at-opensea/ 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 review of this incident so that we have a full understanding of the facts and additional steps we need to take. We have also implemented the following policies:
- 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.
For a new, more open internet that empowers creators and collectors, we will need to bake in trust and transparency into all that we do. We’re committed to doing the right thing for our users and earning back the trust of the community we serve.
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