NFT Insider Trading: OpenSea Confirms Exec Played System

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NFT Insider Trading: OpenSea Confirms Exec Played System

OpenSea today revealed that one of its executives, whom The Block identified as head of product Nate Chastain, used insider knowledge to buy digital art pieces that were set to be featured on the company’s non-fungible token (NFT) marketplace.

NFTs are basically crypto tokens meant to indicate that someone owns a particular artwork. Practically everything has been turned into an NFT: the web’s source code, albums, the first tweet, animated GIFs… the list goes on, and the format’s popular enough to be propping up the Ethereum mining scene after the London hard fork.

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OpenSea has emerged as a popular NFT marketplace, and Chastain was accused of abusing his position by purchasing “items that they knew were set to display on our front page before they appeared there publicly,” the company said in a blog post.

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