![]() ![]() Martha Stewart’s involvement in the ImClone case famously sent her to federal prison for five months for false statements and obstruction of justice. The evidence so far is circumstantial, and Siow says no information was leaked. Was Arnault tipped off by Siow, the way Martha Stewart and her stockbroker allegedly were in 2001 by the CEO of ImClone, a biotech stock they owned and sold just before it was about to get bad news from the FDA? We can't say for certain. On February 10, the day of the HypeBears reveal, Siow tweeted a screenshot of him and Arnault on a video call and wrote, “Great catchup brother! Let’s now check out our bears.” Arnault retweeted it, even though he is better known for posting photos with celebrities ranging from Jay-Z and Roger Federer to Warren Buffett. How could Arnault have gotten tipped off about which NFTs were the rarest before the reveal? The HypeBears project was founded by Ernest Siow, 26, a part-time model and entrepreneur based in Singapore. “We approach it from the perspective that if something can go wrong, it will, and if somebody can take advantage, they probably are.” ![]() “There’s a lot of promise in NFTs, but there are a lot of bad actors,” says Ricardo Rosales, the CEO of Convex Labs. But in the largely unregulated world of cryptocurrencies and NFTs, transactions that smack of market manipulation and insider trading are rampant-and not explicitly illegal. If HypeBears were a stock, the pre-reveal trading of #9021, #7777 and others would likely have sounded alarms at the Securities and Exchange Commission, prompting it to investigate what looks and smells like a case of insider trading–that is, trading on information that hasn’t yet been shared with the investing public. A spokesperson for Arnault vehemently denies that he had inside information about the bears’ attributes, but declined to respond to Forbes’ specific questions. Arnault paid $3,900 for it and sold it for $12,900 a month later, using multiple cryptocurrency accounts he appears to control to make the trades. HypeBear #7777 wears a white astronaut suit emblazoned with an American flag. Arnault flipped #9021 four days later for $14,700, booking a 377% gain and a $11,600 profit. ![]() Among the three ultra-rare HypeBears that Arnault ultimately bought before the reveal, #9021 turned out to be a monkey-faced bear, decked in shimmering gold from his crown to the Crocs on his feet. ![]()
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