Major Accusations of NFT Insider Trading: Sep 16, 2021
Major Accusations of NFT Insider Trading
Crypto twitter was rocked with damning news of NFT insider trading late Tuesday evening. It was uncovered that the Head of Product at Opensea, @NateChastain, has allegedly been purchasing NFTs that they knew were going to be featured on the front page, and selling them for a quick profit. The paper trail of evidence that consolidated on Twitter by user ZuwuTV, which showed Etherscan transactions that tied those NFT sales directly to the wallet of the Opensea executive. Lack of oversight and regulation in the still nascent NFT industry allow for unfortunate scheming like this from happening. Opensea’s PR team released a statement early Wednesday morning, condemning the deceptive trading and announcing new policies to prohibit such behavior in the near future. “We’re committed to doing the right thing for our users and earning back the trust of the community we serve.”
Solana: The Rise and Fall?
Solana’s main net unexpectedly shut down for more than half a day starting early on Tuesday morning. Solana’s developers scrambled to fix the network error, resulting in the entire server getting completely shut down and rebooted. According to an announcement made on the Solana twitter, “Solana Mainnet Beta encountered a large increase in transaction load which peaked at 400,000 TPS. These transactions flooded the transaction processing queue, and lack of prioritization of network-critical messaging caused the network to start forking” - Full functionality had been restored to the network as of early Wednesday morning. The PoH blockchain came roaring through the cryptospace recently thanks to the re-eruption of NFTs and the need for infrastructure to support them, which caused a major price surge for the SOL token to $211+ just one week ago. This unexpected server shutdown was a major reality check for investors, and the resulting sell off led to the price tumbling down to $149 on Tuesday. That being said, investors haven’t completely lost faith in the NFT marketplace just yet, and this recent fumble doesn’t completely overshadow SOL’s exceptional rise to the top.
Bridging the Gap Between CeFi and DeFi
In Nexus specific news, a revolutionary partnership between Alkemi Network and Nexus has emerged to allow retail and institutional users to earn yield on DeFi. Nexus, a crypto liquidity exchange with borrowing and lending vaults, announced their integration with Alkemi Network early last week, that not only supports Alkemi as a whole, but allows users to earn ALK tokens, which will be formally launched during the Alkemi TGE. ALK yields will be automatically airdropped to participants in the middle of October.