• OpenSea executive accused of insider trading resigns

  • Nate Chastain, head of product at OpenSea, a marketplace for non-fungible tokens (NFT), has resigned following allegations of insider trading.

    OpenSea co-founder Devin Finzer told us in an email that Chastain was specifically asked to resign.

    The allegations appeared on Twitter on Tuesday night; in a thread, a user named @ZuwuTV posted receipts of transactions on the OpenSea website for Ether addresses involved in frontloading NFT, which appears to be related to Chastain.

    The user claimed that Chastain snapped up cheap NFTs before OpenSea planned to feature them on the site’s homepage, then quickly sold them after increased attention led to a price increase.

    On Wednesday morning, OpenSea acknowledged in a statement that someone at their company was indeed doing this, but did not mention Chastain by name. The company said it has implemented a new policy to prevent such activity from happening again.

    Chastain has still not responded publicly, but quietly updated his Twitter feed this morning to reflect that he had left the company.

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