OpenSea confirms executive used insider knowledge when buying NFTs

From theblockcrypto.com

One of the non-fungible token (NFT) space’s biggest marketplaces has admitted that a senior employee has been getting the drop on its most popular drops. Twitter users last night accused Nate Chastain, head of product at OpenSea, of using secret Ethereum wallets to snap up the platform’s front-page NFT drops before general release. Citing transactional data on Etherscan, Twitter user Zuwu said that Chastain seems to be selling these pieces “shortly after the front-page-hype spike for profits.” His actions have been likened to frontrunning or insider trading, which in regulated financial markets refers to ... (full story)