PeckShield data suggests insider trading was widespread in Yuga Labs' acquisition of Meebits
The NFT industry has been enjoying a huge amount of spotlight in recent months and it seems that due to the absence of regulations, even the most notable projectors are all about making money. PeckShield data suggests that there was insider trading going on before one of the biggest deals in the NFT industry occurred.
PeckShield shines light on the matter
PeckShield, a blockchain security and analysis firm has confirmed that before the announcement from Bored Ape Yacht Club’s Yuga Labs had confirmed acquiring CryptoPunks and Meebits from Larva Labs, “around 14 Ethereum addresses, with no previous history of mainstream NFT collection purchases, bought 159 Meebits between March 5 and March 11.”Moreover, Bloomberg also reported that “the top address, as shown on Etherscan, purchased 24 Meebits at once on March 5.” Furthermore, it is also important to note that the floor price, i.e., the lowest price that a buyer is ready to accept on an NFT marketplace, went as high as 6.134 ETH on March 12 and this value doubled in the following days. PeckShield believes that this could be a situation of insider trading.
An increase in NFT-related crimes
Due to being unregulated in nature, the NFT industry has seen a number of scam projects. There are countless NFTs being generated every day and one of these was the beloved Pudgy Penguins. The Pudgy Penguins is a collection of 8888 unique NFTs which was created by 309 Labs.Cole Thereum and Twitter user @tubbyfat, the co-founders of this new project were voted out of the project following a community vote as the two had failed to fulfill their promises and also drained the treasury’s funds. The new data from PeckShield confirms that even the biggest NFT projects are not safe enough without regulations.
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