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Follow on Google News | OpenSea NFT insider trading indictment and how a startup can help your company not be nextBy: Decise There are tools on the market that could have helped OpenSea prevent this situation. Most of these tools are commonplace in deFi and crypto exchanges such as TRM Labs and Elliptic's product suites. It is likely that OpenSea uses tools like these, but the tools alone are not a panacea for risk elimination. These tools and other risk management tools must be implemented comprehensively and based on the unique risks of each organization. They must also be complemented with useful policies and procedures so that when the tools help identify suspicious activity, it is promptly investigated and handled. Many companies have serious blind spots when it comes to risks like what OpenSea is facing, especially in the rapidly emerging blockchain technology space. These blind spots can have significant to catastrophic impacts on companies. This is where a new startup is coming on the scene. Decise (https://decise.io/ The OpenSea situation was likely avoidable. Based on the indictment filing, the employee was allegedly using multiple new wallets that were not hosted by entities with established Know Your Customer (KYC) practices. The implementation of wallet and transaction screening both before and after listing NFTs would have likely flagged this issue. With effective policies and procedures, it is probable that OpenSea could have caught the issue and handled it internally. This may be OpenSea's blind spot, but in the rapid evolution of blockchain business models, most companies have blind spots. Startups such as Decise are emerging to help companies uncover and mitigate these blind spots to protect businesses and consumers, ultimately nurturing blockchain innovation. End
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