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Author Name: BoingBoing
This story was originally published on Boingboing.net. [1]
License: CC-BY-NC-SA 3.0.[2]


OpenSea confirms one of its executives used insider knowledge to buy NFTs before they appeared on the front page

2021-09-15 00:00:00

Hey @opensea why does it appear @natechastain has a few secret wallets that appears to buy your front page drops before they are listed, then sells them shortly after the front-page-hype spike for profits, and then tumbles them back to his main wallet with his punk on it? — Zuwu🟩 👻🎃🦇 (@ZuwuTV) September 14, 2021

OpenSea, the largest marketplace for non-fungible tokens (NFTs) issued a statement acknowledging that Nate Chastain, the company's head of product, bought NFTs he knew were scheduled to be publicly promoted on the front page of the website. The statement read, in part:

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.

OpenSea also implemented policies to prevent this kind of front running from happening again:
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[1] URL: https://boingboing.net/2021/09/15/opensea-confirms-one-of-its-executives-used-insider-knowledge-to-buy-nfts-before-they-appeared-on-the-front-page.html
[2] URL: https://creativecommons.org/licenses/by-nc-sa/3.0/us/

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