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19 September 2021

NFT Marketplace OpenSea Confirms Executive Profited From Insider Info - Decrypt

NFT Marketplace OpenSea Confirms Executive Profited From Insider Info - Decrypt


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“Yesterday we learned that one of our employees purchased items that they knew were set to display on our front page before they appeared there publicly,” thecompany wrote in a statement.

Although OpenSea did not name the employee, the announcement comes following accusations on Twitter thatNate Chastain, the company’s head of product, used his position to purchase NFTs from lesser-known collections right before they were spotlighted on the marketplace’s main landing page.

In each case, the affiliated wallets purchased NFTs from multiple collections right before each was featured on OpenSea’s home page.

In the meantime, the company has instituted new policies prohibiting employees from purchasing NFTs from collections and creators while they are being featured on the site, as well as blocking the use of confidential information to purchase NFTs—on OpenSea or elsewhere

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