OpenSea Head of Product Resigns Over Insider NFT Trading

The company wasted no time asking for Nate Chastain’s resignation following the debacle.

Tech
1,499 Hypes 1 Comments

OpenSea is wasting no time in trying to rectify the insider trading situation that landed them in hot waters. Recently, the head of product of the NFT marketplace platform, Nate Chastain, was accused of exploiting information to make a profit.

In response to these allegations, OpenSea has now asked for and accepted the resignation of Chastain. He was reportedly caught with a secret Ethereum wallet for the purpose of making front-page NFT release purchases before they were made known to the public. The company appears to take the claims seriously as they have also enlisted a third party to review the unethical behaviour and to recommend any changes to combat this for the future.

OpenSea has promised its users that they are looking into new policies that would bar the use of confidential information by its employees to make trades on the NFT platform. Though Chastain no longer works with OpenSea, it is unsure if he will receive any further repercussions down the line.

In case you missed it, Instagram has recognized its direct effects on teen girls, as pinpointed in a company report.

Read Full Article

What to Read Next

$1.5 Billion USD NFT Platform OpenSea Admits to Insider Trading
Tech 

$1.5 Billion USD NFT Platform OpenSea Admits to Insider Trading

The company’s head of product is allegedly at fault.

HypeArt Partners with FVCKRENDER to Release Its First-Ever NFT
Art

HypeArt Partners with FVCKRENDER to Release Its First-Ever NFT

Available for bidding from October 29 through November 5.

Merriam-Webster Is Selling Its Definition of "NFT" as an NFT
Tech

Merriam-Webster Is Selling Its Definition of "NFT" as an NFT

Because why not?


FVCKRENDER Releases a Hybrid NFT Sculpture Titled ‘Existence//’
Art

FVCKRENDER Releases a Hybrid NFT Sculpture Titled ‘Existence//’

The winning bid will also be gifted the physical artwork which is on view at Art Basel Miami.

Nas, Pusha T and More Invest in Spotify's Rival Platform, Audius
Music 

Nas, Pusha T and More Invest in Spotify's Rival Platform, Audius

The young streaming service is built on blockchain and promises artists new ways to earn revenue.

AMC Will Soon Accept Ethereum, Litecoin and Bitcoin Cash As Payment
Tech

AMC Will Soon Accept Ethereum, Litecoin and Bitcoin Cash As Payment

For purchasing movie tickets and concessions.

Drake's 'Certified Lover Boy' Projected to Stay at No. 1
Music

Drake's 'Certified Lover Boy' Projected to Stay at No. 1

Kanye West’s ‘DONDA’ is also expected to remain at its No. 2 spot.

SpaceX Captured a Stunning Video of Earth From Its Dragon Spacecraft
Tech

SpaceX Captured a Stunning Video of Earth From Its Dragon Spacecraft

Taken from the recently-launched Inspiration4 mission.

Gagosian Will Open a Third Gallery Near Paris’ Place Vendôme
Art

Gagosian Will Open a Third Gallery Near Paris’ Place Vendôme

Doors open on October 19.


HOFA Gallery to Present the World’s Most Valuable NFT Exhibition
Art

HOFA Gallery to Present the World’s Most Valuable NFT Exhibition

Featuring a selection of ultra-rare CryptoPunks, Meebits and more.

Ai Weiwei Designs Limited-Edition Collection of Masks Honoring Hawaiian Culture
Art

Ai Weiwei Designs Limited-Edition Collection of Masks Honoring Hawaiian Culture

Bringing awareness to climate change.

Kanye West Releases Visual for "24"
Music

Kanye West Releases Visual for "24"

The official video was directed by Nick Knight.

Noah is Selling an $88 USD Pencil Case
Fashion

Noah is Selling an $88 USD Pencil Case

Offered in black with a tartan print interior.

Hidden Valley Ranch Serves Up a Creamy Crocs Collaboration
Footwear

Hidden Valley Ranch Serves Up a Creamy Crocs Collaboration

The zesty kicks come packaged with pizza, fries, chicken nuggets and veggie jibbitz.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Adblock Detected.

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.