OpenSea product chief accused of flipping NFTs using insider information

OpenSea product chief accused of flipping NFTs using insider information


Illustration by Alex Castro / The Verge

OpenSea, the biggest NFT trading marketplace, said today that one of its employees used internal information to buy NFTs that were about to be featured on its homepage — and likely spike in value. Accusations were made against OpenSea’s head of product, Nate Chastain, last night after a community member publicized suspicious transactions from his wallet. “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 announcement tweeted by OpenSea CEO Devin Finzer read. “​​This is incredibly disappointing.” The site explicitly prohibits “deceptive or manipulative trading activities” in its Terms of Service.

The statement was prompted by a…

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