Between March 5th and March 11th, 14 new Ethereum (ETH) addresses were identified for buying 159 Meebits. These purchases were noteworthy since they were made just days before Yuga Labs announced the acquisition of the Meebit Collection of NFTs on March 12th. The team at @WuBlockchain highlighted the sequence of events in the following statement.
These new Ethereum addresses buying 159 Meebits before the collection was being acquired by Yuga Labs has sparked concerns about whether the transactions were the product of insider trading. In an interview with Bloomberg, Darren Heitner, an intellectual property lawyer based in Fort Lauderdale, Florida, stated that the NFT business was fraught with ambiguity. He explained:
There is currently quite a bit of uncertainty as to whether some of these NFT products are improperly not registering as securities.
Darren Heitner
In addition to Mr Heitner’s remarks, the digital asset business has yet to be regulated in the traditional sense. As a result, the purchasing of 159 Meebits before a major announcement shows all the signs of insider trading in the perspective of traditional finance. However, by excluding the universal morality of right and evil, no crime was committed during the Meebit transactions.
Only time will tell whether the Securities and Exchange Commission (SEC) will designate NFTs as securities, putting the aforementioned Meebit transactions in the limelight.
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