In the midst of the OpenSea insider trading scandal , the center employee decided to leave his position.
In a blog post on September 15, OpenSea admitted that one of its top-tier employees scammed the system to profit from non-fungible token ( NFT ) sales. The employee in question, Nate Chastain, was in charge of OpenSea’s product before his recent resignation.
Chastain was accused on Twitter of managing several digital wallets that allegedly manipulated the NFT market at Opensea. Chastain’s method was to identify which NFTs would be featured prominently on the website and purchase them before they became available to the public. Chastain would then come NFT to make a profit once the price inevitably increased by appearing on the home page.
The scam was discovered by a user on Twitter who posted asking OpenSea about unusual activity. The user claimed to have traced NFT sales to Chastain, who had used multiple wallets to run the scheme.
Next steps for OpenSea
A third-party review of the situation is underway, OpenSea said on September 16. “We do not take this behavior lightly. Upon learning of this conduct, we immediately engaged a third party to conduct a comprehensive analysis of the incident and make recommendations on how to strengthen our existing controls. This review is ongoing, but we are committed to quickly implementing its recommendations.”
OpenSea also said it has changed the rules and regulations governing employees’ use of the product they work for. OpenSea employees are now prohibited from buying or selling collections that are actively featured or promoted in the marketplace. OpenSea added that it will also ban its team members from using the same information Chastain uses to buy or sell any digital art.
OpenSea’s statement on the issue concluded by assuring users that this was an isolated incident and that “we want OpenSea to be a fair playing field for buyers, sellers, creators, collectors, developers and those new to the space.”
The company also said it would provide story updates as they unfold.
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