OpenSea admits insider trading of NFTs it promoted

bbc.co.uk

21 points·daniaal··5 comments

One thing you learn about working in crypto is that everything is aggressively front run: from large crypto funds to small prop shops, almost every single firm is leveraging non public information in order to profit.

I find the situation somewhat distasteful, but that's just what it takes to win (or at least that's how most people think about it).

Speaking more on the subject, it's pretty crazy that this guy allowed himself to be caught. Very sloppy execution on his part.

Not only that, but platforms like coinalyze and coinbase have their own newsfeeds that allow them to control the release of information to uninformed investors. The other day a large crypto called Solana experienced a very big technical problem causing a network reset. The price held steady though, until something like 12 hours later it was posted as breaking news on those platforms.

Of course, the price immediately tanked when that happened, Solana showed up as a "top mover" on coinbase registering alarming losses, and then by the next day the price was back where it began.

Yes, but Twitter is free and everyone who cares to know will find out there relatively quickly.

If you're really serious about the game, you're in the Discord (which theirs was on fire the whole time and had to go read-only).

Agreed. My point is its like the shoe-shine boy giving stock advice in 1929. There are enough people who read about crypto in the news, download an investment app and think the money will roll in for even very simple manipulation to work well.

Alameda supported the price on CEXs so people wouldn't get liquidated on SRM order books.

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