OpenSea’s product lead resigns after accused of insider trading
Nate Chastain, product manager for OpenSea, a non-fungible token (NFT) marketplace, has resigned on suspicions of insider trading.
Yesterday, OpenSea issued a statement revealing that one of its employees had been using non-public information to buy profitable NFTs from the platform.
He would buy those NFTs that would be uploaded on the website’s front page, which usually gains more traction, and then would sell them at a higher price.
The rumor was revealed by a Twitter user named @ZuwuTV who created a Twitter thread summarizing transaction records that appear to have involved Mr. Chastain.
In an updated announcement on Thursday, OpenSea wrote:
“We have a strong obligation to this community to move it forward responsibly and diligently. The behavior of one of our employees violated that obligation and, yesterday, we requested and accepted his resignation.”
The company has also hired an unspecified third party to conduct a review of OpenSea’s approach to unethical behavior and recommend changes.
The post OpenSea’s product lead resigns after accused of insider trading appeared first on Our Bitcoin News.
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