OpenSea confirms an executive is guilty of insider trading – CityAM : CityAM
OpenSea marketplace has confirmed a company executive is guilty of insider trading, using confidential information to profit big on NFTs.
Yesterday, a Twitter storm broke out when the company’s Head of Product, Nate Chastain, was publicly accused of purchasing NFTs destined for the website’s front page before their public listing. The digital artworks would then spike in price once they were featured prominently on the OpenSea website.
Hey @opensea why does it appear @natechastain has a few secret wallets that appears to buy your front page drops before they are listed, then sells them shortly after the front-page-hype spike for profits, and then tumbles them back to his main wallet with his punk on it?— Zuwu🟩 👻🎃🦇 (@ZuwuTV) September 14, 2021
OpenSea, the world’s largest NFT marketplace, confirmed the news in a statement which labelled the incident “incredibly disappointing.”
“We want to be clear that this behavior does not represent our values as a team. We are taking this very seriously and are conducting an immediate and thorough review of this incident so that we have a full understanding of the facts and additional steps we need to take,” the statement continued.
Read more: NFTs – what am I buying?