Opensea is a leader when it comes to the NFT market but recently ran into trouble. They revealed that one of their employees took advantage of the information that he had received and can be said to be engaged in insider trading.
They have not revealed the name of the employee but have come forwards and said that insider trading did take place. This comes after people on social media started accusing them of using what they are calling secret wallets.
As of today, they have seen 519 million dollars in terms of trading and have seen a rise in the number of traders in the last few weeks. The number of traders on the platform grew by 6%, and now they have 164,878 traders in total.
Opensea has expressed their disappointment about the whole incident and says they are further looking into it. They also said that the behavior exhibited by the individual does not show the values they want to project as a team.
The firm has said that they will thoroughly review this incident and will go over how this happened. They will also take strict measures so that insider trading does not occur again in the firm.
New policies include that the employees now can no longer buy from the Open Sea web page when promotions are going on or new products are being launched. They are also now prohibited from using any info that they may receive in the firm to use and buy other NFTs whether they are on Opensea or not.