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OpenSea Executive Suspected Of Insider Trading Has Resigned
Summary: Nate Chastain, the head of OpenSea product suspected of insider trading, has resigned. OpenSea wrote in its updated announcement on Thursday: "We have a strong obligation to this community to move it forward responsibly and diligently. The behavior of one of our employees violated that obligation and, yesterday, we requested and accepted his resignation." Although ...
Nate Chastain, the head of OpenSea product suspected of insider trading, has resigned. OpenSea wrote in its updated announcement on Thursday: "We have a strong obligation to this community to move it forward responsibly and diligently. The behavior of one of our employees violated that obligation and, yesterday, we requested and accepted his resignation."
Although the post did not specifically name Chastain, Chastain's personal Twitter profile has been modified to "past: OpenSea".
Chastain used his position to carry out "rat trading", that is, buy some NFTs before they went on the market and selling them after the price of speculation rose.
OpenSea has hired an unspecified third party to conduct a thorough review of the incident and make recommendations on how to strengthen existing controls. The investigation is still ongoing and there is no clear timetable for completion.
BY Mary Liu
Tags: Nate Chastain,NFT,OpenSea
Link: OpenSea Executive Suspected Of Insider Trading Has Resigned [Copy]
