OpenSea executive misused the platform to make money

OpenSea confirmed that the news of “making money by selling the NFTs by promoting and spreading hype on the front page on Marketplace by one of the team members” is true. 

Right now, the current crypto market is in trend with the NFTs marketplace. And OpenSea is one of the NFTs marketplace which processed $4 billion in sales in August alone. But huge allegations were raised by few people and news and OpenSea confirmed that they will take action on this. 

Nate Chastain, OpenSea’s head of product, allegedly used a burner wallet to purchase NFTs. Chastain featured the NFTs on the main NFTs marketplace front page to spread hype so that he can sell at high price easily but all this was noticed by a reddit user and that reddit users shared all the details of the transaction. 

A twitter thread was also revolving which claimed that Chastain has been flipping front-page NFTs for a while.

This allegation based news was also published by the 8BTC. 8BTC news report claimed that one of the executive of OpeSea made around 18.875 ETH through insider trading of 11 NFTs. 

OpenSea responded on this matter and clearly said that we noticed that one of our executive misused the platform as a insider Trader and also said that they will take suitable action 

“This is incredibly disappointing. We want to be clear that this behavior does not represent our values as a team. We are taking this very seriously and are conducting an immediate and thorough review of this incident so that we have a full understanding of the facts and additional steps we need to take.”

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