OpenSea NFT Marketplace Confirms One of Its Executives Has Used Inside Knowledge for His Benefit

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Thriving NFT collectibles marketplace OpenSea confirmed today that one of its high-ranking officials has indeed utilized private or privileged information to explicitly profit from the NFT sales the platform is getting from its front page.

As per the statement published by the company, it was yesterday where they discovered that one of its executives bought items they knew firsthand would display on their front page even before it publicly appeared. OpenSea then reassured that the behavior of this one employee does not represent the values of the organization as a whole.

While OpenSea still refused to name the person in question in public, Twitter users point their fingers towards the product lead of the platform, Nate Chastain. According to them, Chastain used ETH burner wallets that are private to purchase the aforementioned NFTs even before everyone else got the chance to do so, thus, racking up substantial profits in the process.

However, what caught him under fire was the fact that he carelessly unloaded his profits to his verified public address, which was then immediately discovered by another Twitter user.

Interestingly, this isn’t the first time Chastain was accused of purposefully taking advantage of his position to profit for his own. Previously, Chastain himself admitted having purchased in-demand artwork by a particular artist using his position as the platform’s executive. Predictably, this admission was met by harsh criticism from the many OpenSea users and the NFT space in general.

As of press time, OpenSea still refuses to disclose Chastain’s current status of employment following this incident.

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