OpenSea Exec Accused of Insider Trading Resigns

OpenSea’s head of product, Nate Chastain, has resigned following allegations of insider trading.

AccessTimeIconSep 16, 2021 at 7:13 p.m. UTC
Updated Sep 16, 2021 at 9:36 p.m. UTC

Will Gottsegen was CoinDesk's media and culture reporter.

Nate Chastain, head of product at the non-fungible token (NFT) marketplace OpenSea, has resigned following allegations of insider trading.

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

The allegations cropped up on Twitter on Tuesday night; in a thread, a user called @ZuwuTV posted transaction receipts from Ethereum addresses involved in front-running NFTs on the OpenSea website, which appeared to be tied to Chastain.

Chastain, the user alleged, was snapping up cheap NFTs before OpenSea planned to feature them on the site’s homepage, and then quickly selling them after the increased attention sent the prices up.

On Wednesday morning, OpenSea acknowledged in a statement that someone at their company was in fact doing this, but didn’t name Chastain. The company said it has implemented new policies to prevent this kind of activity from being repeated.

Chastain still has yet to respond publicly, but quietly updated his Twitter bio this morning to reflect his having left the company.


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Will Gottsegen was CoinDesk's media and culture reporter.

CoinDesk - Unknown

Will Gottsegen was CoinDesk's media and culture reporter.

Trending

1
CoinDesk - Unknown
First Mover Asia: Bitcoin Rebounds Past $20K; China’s Blockchain Revolution Is Missing On-Chain Data

Ether and most other major altcoins regain ground they'd lost in last week's downturn; China companies seem unconvinced by blockchain technology.

CoinDesk - Unknown
2
CoinDesk - Unknown
NFT Platforms Should Be Caught by EU Money-Laundering Overhaul, Lawmakers Say

Unhosted wallets and decentralized finance were left largely unscathed by two landmark crypto laws agreed to last week, but left-wing lawmakers may seek another go as they discuss dirty-money rules.

CoinDesk - Unknown
3
CoinDesk - Unknown
Bitcoin se recupera y supera los $19K; Nomura advierte de una recesión en EE. UU. y Reino Unido

Nomura escribió acerca de una recesión en la eurozona, el Reino Unido y Asia Pacífico, lo que podría influir en los precios de las criptomonedas.

CoinDesk - Unknown
4
CoinDesk - Unknown
Argentinos se refugian en stablecoins durante el fin de semana tras dimisión del ministro de Economía

Los principales exchanges del país informaron que los usuarios compraron hasta tres veces más criptomonedas estables que durante un fin de semana normal, en medio una crisis económica en ciernes.

CoinDesk - Unknown