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NFT Marketplace OpenSea Confirms Executive Profited From Insider Info

NFT Marketplace OpenSea Confirms Executive Profited From Insider Info
OpenSea, the leading secondary marketplace for NFT collectibles and valued at over $1.5 billion , confirmed today that one of its executives used privileged information to profit from the sale of NFTs that were featured on its front page—a form of insider trading, in effect.
“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,” the company wrote in a statement . “This is incredibly disappointing. We want to be clear that this behavior does not represent our values as a team.”
Although OpenSea did not name the employee, the announcement comes following accusations on Twitter that Nate Chastain , the company’s head of product, used his position to purchase NFTs from lesser-known collections right before they were spotlighted on the marketplace’s main landing page.
According to information compiled by Twitter users Zuwu and ricefarmer.eth , and corroborated by others, Chastain’s main Ethereum wallet —which is linked to the CryptoPunk NFT that he uses as his Twitter avatar—is linked to other so-called “burner” wallets. These wallets were used to purchase numerous NFTs from projects like the Dailydust Collection and Lurk Loves You .

Hey @opensea why does it appear @natechastain has a few secret wallets that appears to buy your front page drops before they are listed, then sells them shortly after the front-page-hype spike for profits, and then tumbles them back to his main wallet with his punk on it?
— Zuwu
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