In the anything-goes land of non-fungible tokens, suspicious trading—including by the son of LVMH billionaire Bernard Arnault—is rampant.
a crypto wallet linked to the executive was buying NFTs shortly before they appeared on the price-moving OpenSea home page—in other words, he seemed to be front-running his own employer’s market-moving promotions.
Mathieu Le Berre, one of the two MekaVerse cofounders, says the real problem was that he and his partner, Matthieu Braccini, were in way over their heads. As two twentysomething artists launching the project from their Paris apartments, they couldn’t handle the operational demands of managing a popular NFT collection, which is akin to running a startup. “We have made some mistakes,” he says. “We should have been more prepared.
Although Arnault wouldn’t answer specific questions about his relationship with Siow, in their blanket denial that Arnault had any inside information, his spokesperson noted, “He has been an active investor in NFTs and a collector of art—as a part of this, he engages with artists, creators and other collectors.’’
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