$1.5 Billion USD NFT Platform OpenSea Admits to Insider Trading

Rumors that insider trading has occurred in the $1.5 billion USD NFT platform start-up OpenSea are confirmed to be true.

OpenSea took to their company blog post to make the announcement stating that they had only recently learned of the issue. The company wrote, “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.” Though the specific employee was not identified, the OpenSea’s own head of product, Nate Chastain, was recently accused on Twitter of having secret crypto wallets.

The Twitter user ZuwuTV has been able to trace some of the transaction receipts through the public blockchain which has supposedly shown that Chastian would buy a particular NFT before OpenSea would feature it on its front page, prior to selling it when the buzz of the piece would drive the cost up. OpenSea calls the incident “incredibly disappointing” and promises to update the public when more information comes to light.

On another blockchain and crypto news platform, 8btc, sales tied that were reportedly tied to Chastain saw a collective profit of approximately $67,000 USD at today’s price. Due to the recent issue, the company has now implemented two new employee policies that ban them from buying or selling from the creators or collections while OpenSea promotes or features the pieces. They have also bared staff from utilizing confidential information to sell or purchase NFTs. It is unsure how this will be regulated in the future.

Heres one tx on returning profits to the main
0xa3a45 wallet after flipping the item CURRENTLY on the front pagehttps://t.co/Is6G4xLlIx

— Zuwu🟩 👻🎃🦇 (@ZuwuTV) September 14, 2021

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