The Head of Product at OpenSea, Nate Chastain, has been ousted from the firm following allegations of NFT sale using insider information. OpenSea is a leading NFT marketplace.
No Longer an Employee of OpenSea
Allegations about Chastain’s insider trading were made two days ago. Since then, his Twitter profile has been updated, and it now reads “Past: @opensea.” The updated profile has suggested that Chastain is no longer an employee with the NFT marketplace.
However, the firm has not provided any official communication that Chastain is no longer working there. Nevertheless, there is a high likelihood that Chastain is now an ex-employee of OpenSea.
The company’s CEO, Devin Finzer, had earlier updated a blog post where he talked about the incident of insider trading. In the blog post, Finzer stated that the NFT marketplace had “requested and accepted” the resignation of one of its employees. The post also stated that the resignation was prompted by the employee going against the obligations of OpenSea to its community.
The blog post by Finzer also states that investigations on the matter had already been launched. A third party will conduct the investigations, which commenced as soon as news of NFT flipping through insider trading was released.
Chastain has been the main culprit blamed for the attack. Much evidence points towards him, but he is yet to give a public statement regarding the issue. However, the majority of the crypto community on Twitter agrees that he is guilty of the accusations. Some members have even celebrated his ousting from the firm by launching a CryptoPhunk giveaway.
On the other hand, some people have shown support for Chastain. He has been applauded for the work he has done to boost the growth of the NFT community. Some have also wished him the best in his future endeavours despite the allegations.
Accused of Insider Trading
As the Head Product at OpenSea, Nate Chastain was accused of exploiting insider information to buy NFTs before they were released. He later sold the NFTs at high prices, making exorbitant profits.
To hide his identity, Chastain purchased the NFTs using hidden accounts. However, these accounts were later linked to him after it was revealed that he transferred the profits to his public address.
After the revelations, OpenSea confirmed that insider trading had happened. From the dealings, Chastain made profits worth 19 ETH, worth more than $65,000 at the time of writing.
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