OpenSea’s Product Head Nate Chastian’s NFT Insider Trading penalty is still unknown
Acclaimed NFT marketplace OpenSea has shared details pertaining to ex-Product Head Nate Chastian’s insider trading act. Apparently, whistleblower @ZuwuTV (a Twitter user) went on to unearth Chastian’s illegal act. @ZuwuTV accused Chastian (via tweet tagging) of insider trading by selling trending NFTs guided by prior information.
ZuwuTV cemented the foundation of his tweet allegations on Chastian via posting the latter’s secret wallets’ Etherscan transaction hash. In the said controversial transaction, Nate Chastian transferred 7.136963753726174 Ether from 0x7942f48651d8c4edb40be768fa89db9d4a8637b4 to 0xa3a4548b39da96eb065ff91811ca30da40431c0d wallet. Chastian’s quantum of penalty against the NFT insider trading scam (estimated value then $24,522.96 and now $25,393.53—at the time of writing) is still unknown.
OpenSea co-founder and CEO Devin Finzer presented the following apology on Twitter:
“We’re conducting a thorough review of yesterday’s incident and are committed to doing the right thing for OpenSea users.”
Reminiscing its stellar journey commencing from the debuting CryptoKitties collection to over 20 million NFTs listed in its portfolio today. OpenSea expressed its gratitude towards its creators and collectors’ community. Reiterating its obligation towards all of its stakeholders, OpenSea intends to sail through these testing times with responsible diligence. Chastian’s unwarranted conduct rang the bells following which OpenSea duly “requested and accepted his resignation.”
Promising to initiate a third-party independent review of the scam to protect customer confidence. OpenSea’s September 15 (2021) blog post announcement details implementation of these new policies:
- OpenSea team members cannot buy or sell anymore from collections or creators when these creations are featured or promoted.
- OpenSea team members cannot use confidential information to buy or sell any NFTs, regardless of their availability status on OpenSea.
The commissioned third-party’s recommendations are assured by OpenSea to be duly considered (and implemented) to strengthen the controls mechanism.
OpenSea also reinforced in its said blog post its commitment to develop “a level playing field for buyers, sellers, creators, collectors, developers,” etc. The leading NFT marketplace also intends to invest in policies and practices making the OpenSea platform “open and transparent.”
OpenSea has just released its NFT marketplace app for Google Play and Apple App Store users. Dune Analytics states OpenSea’s website saw 2 million transactions ($3.4 billion) in August 2021 trading volume.
OpenSea is the world’s first and largest digital marketplace for crypto collectibles and non-fungible tokens (NFTs). You can buy, sell, and discover exclusive digital assets on OpenSea.