OpenSea insider caught red-handed
OpenSea representatives confirmed suspicions that one of the employees benefited from the possession of inside information. Previously, a Twitter user expressed his suspicions about this.
A member of the crypto community under the nickname @Zuwu reported the results of his investigation less than a day ago. According to him, Nate Chastain, one of the managers of the OpenSea trading platform, owns several secret cryptocurrency wallets with which he regularly buys non-fungible tokens before a sharp jump in their value for subsequent resale. As an argument, @Zuwu cited Etherscan data showing one of Chastain's recent purchases, urging platform management to verify this assumption.
Twitter users who joined the general "investigation" noted that Chastain himself, it seems, confessed to what he had done in early August. Then he stated in his tweet that he bought NFT artist Arya Mularama before it became available to the public. Chastain wrote that he wanted to get one of the art objects until they all disappeared.
After some time, a notice emerged on the official OpenSea blog about a dishonest worker who took advantage of his position to get advantages from the sale of NFTs, which were supposed to appear on the main page of the resource.
The company said that they will conduct a thorough investigation, collecting all the facts and told about several innovations. Now, following the policy of the platform, members of the OpenSea team are not allowed to purchase anything from authors whose works or collections are displayed on the main page. To combat insider trading, OpenSea team members are also forbidden from handling classified data to buy or sell NFTs, both within and outside of their trading platform.
It's funny that Chastain himself only made things easier for the “detectives” when he acquired CryptoPunk 3501 for 26.98 ETH, which is equivalent to more than 92,000 at the current exchange rate. Since then, everyone could identify the manager's address and monitor incoming and outgoing transactions.
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