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Monday, October 25, 2021

OpenSea’s product chief is out after insider NFT flipping accusations

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OpenSea head of product Nate Chastain, who was recently accused of a type of NFT insider buying and selling, seems to not be working for the corporate. His Twitter bio now consists of the phrase “Previous: @opensea.” OpenSea has not publicly named the worker concerned within the incident, however CEO Devin Finzer says the NFT buying and selling platform requested for and acquired their resignation.

Yesterday, Finzer put up a blog post saying an worker used data gained from working on the firm to buy NFTs that have been about to be posted to the favored buying and selling web site’s homepage (and would thus probably go up in worth). Whereas an investigation is seemingly nonetheless ongoing, OpenSea does say that it’s applied clearer guidelines to forestall workers from doing this sort of factor sooner or later.

The incident got here to mild after the NFT neighborhood started digging into transactions in Chastain’s public pockets. Group members, making the most of the blockchain’s openness and semi-transparency, have been capable of finding transactions that appeared to point that he was secretly flipping NFTs. The neighborhood members additionally say that the transactions present that this flipping earned the worker hundreds of {dollars} or extra — you may read more about the investigations and accusations here.

Chastain has but to make a public assertion or acknowledge the scenario in any approach. Nonetheless, his Twitter profile, and OpenSea’s weblog submit, would appear to point that his time on the firm is over.

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