Yesterday morning the Boki NFT team announced their artist Beutrec will no longer be a part of the project moving forward. Beutrec was the lead artist on the Boki team, accused of NFT insider trading in the Starcatchers NFT project.
We have seen a few insider trading concerns in the NFT space recently. With Boki being scheduled to mint sometime in April, the team doesn’t want any FUD surrounding the project.
Boki operations have always been from an Art Studio perspective and they have a team of artists. They have several talented artists who can fill in and do so moving forward. In the official Twitter thread, Boki reiterates the fact that the artwork vision wasn’t just Beutrec’s.
Zero Tolerance for Starcatchers NFT Insider Trading
In the NFT space, there is a grey area, where do you draw the line of ethics. This isn’t a traditional market, where receiving a tip from a company before it becomes public knowledge is quote-on-quote insider trading.
The largest NFT insider trading case to date has been the scandal around OpenSea employee, Nate Chastain. Nate used his position at OpenSea to buy front-page drops before they were listed and then cashed out when that specific project would see a spike in volume. Further, he made upwards of 20 ETH using this method.
Boki NFT is one of the most hyped upcoming projects and art studios in the space. With Buetrec’s Starcatchers NFT insider trading allegations, most community members feel the team made the right decision. Beutrec is just 20 years old and NFT users are hoping he learns from this.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
