NFT Marketplace OpenSea Confirms Product Head’s Involvement in Insider Trading Scam

NFT Marketplace OpenSea Confirms Product Manager Involvement in Insider Trading Scam

The profits that the insider trading scam earned for Nate Chastian remain unclear as of now
The profits that the insider trading scam earned for Nate Chastian remain unclear as of now
NFT Marketplace OpenSea Confirms Product Manager Involvement in Insider Trading Scam

OpenSea has not disclosed the scale of punishment the defendant could be considering for indulging in NFT insider trading.

Highlights
As of now, insider trading in NFTs is not considered an illegal act
OpenSea is taking steps to tighten noose around such scams
As of now it remains unclear if Chastian will be investigated by the cops
US-based non-fungible token (NFT) marketplace OpenSea confirmed on Wednesday that it has uncovered evidence against its product head Nate Chastain in an insider trading scam. OpenSea said that the company is taking the matter very seriously. It posted a detailed blog promising a third-party review of the incident to restore customer's faith in the platform. 

OpenSea had, over the last few months, become one of the most well-known and popular platforms for minting NFTs out of images and other forms of art. The statement by OpenSea comes after a Twitter handle called @ZuwuTV posted a series of tweets, raising suspicion on the scam earlier this week.
“Yesterday we learned that one of our employees purchased items that they knew were set to display on our front page before they appeared there publicly. This is incredibly disappointing. We are conducting an immediate and thorough third-party review of this incident,” OpenSea said in a blogpost.

On 15 September, Twitter user @ZuwuTV tagged Chastain, OpenSea's head of product in a series of tweets, accusing him of investing in NFTs — unique, collectible digital assets built on the blockchain — just before OpenSea featured them on the front page of its website. Chastain would later sell these trending NFTs as soon as their prices rose and net a profit in the process.

To substantiate the allegations, @ZuwuTV also tweeted screenshots showing the transaction history of Chastain's “secret wallets”.

As the first steps towards damage control, OpenSea has implemented two new policies that prohibit company members from buying or selling NFTs that are being featured or promoted on their page while restricting team members from using confidential information regarding NFTs to their own personal benefit.
“We will need to bake in trust and transparency into all that we do,” the NFT marketplace added in its blogpost, despite insider trading in NFTs not being explicitly illegal as yet. Devin Finze, the CEO and co-founder of OpenSea also tweeted an apology to the users, while sharing a link to the official blogpost.

This insider trading scandal that rocked OpenSea's internal functioning comes at a time when it is launching apps for its users in the Google Play store as well as on the Apple App Store. Just a couple of months earlier, the company reported a valuation of $1.5 billion (approximately Rs. 1,10,25 crore) in a funding round worth $100 million (approximately Rs. 735 crores), CoinDesk reported. 
Sourcehttps://gadgets.ndtv.com/cryptocurrency/news/non-fungible-tokens-nft-opensea-insider-trading-scam-twitter-nate-chastain-2543189#rss-gadgets-cryptocurrency
NFT Marketplace OpenSea Confirms Product Head’s Involvement in Insider Trading Scam

Disclaimer
The information on this website is not intended to be financial, business, investment or other advice, and you should not consider the content of the website as such. crypto.onlinenews.live does not recommend that you buy, sell or hold any cryptocurrency.

COMMENTS

Name

10-best-popular-cryptocurrencies-to-mine-in-2021,2,10-most-popular-invested-cryptocoins-in-the-world,3,10-new-cryptocoins-to-watch-in-2021,1,7-things-you-should-know-about-nfts,1,7-things-you-should-know-before-buying-baby-doge-coin,1,a-few-tips-to-guide-you-on-your-first-cryptocoins-investment,1,affordable-cryptocoins,1,airdrop,1,all-you-need-to-know-is-cryptocurrency-a-good-investment,1,altcoins,2,baby-cake,1,baby-cake-crypto,1,baby-cake-crypto-new-coins-future,1,baby-doge-coin,2,before-you-invest-in-cryptocurrency-read-this-6-step-guide,2,beginner-s-guide-best-crypto-exchange-to-maximize-profits,1,best-10-cheap-and-potential-cryptocurrency-to-invest-in-2021,2,best-10-most-important-cryptocurrencies-other-than-bitcoin,1,best-crypto exchange,1,best-crypto-exchanges,1,best-cryptocurrency-exchange,1,best-easy-ways-to-make-money-online-with-cryptocurrencies,1,best-free-airdrop,1,best-legit-ways-to-earn-crypto-coins-like-bitcoin,5,best-upcoming-ongoing-crypto-coins-airdrop-list,1,best-way-to-earn-free-crypto-airdrop-in-cryptocurrencies,1,best-ways-to-earn-crypto-currency,1,best-ways-to-earn-free-cryptocurrencies-online-without-investment,1,best-ways-to-earn-online-passive-income-with-cryptocurrency,1,bitcoin,23,bitcoin-dogecoin-cryptocurrency-vs-gold-which-investment-is-safe,1,bitcoin-dogecoin-ether-cryptocurrency,1,bitcoin-investment,4,bitcoin-investors,2,Bitcoin-price,8,bitcoin-price-in-India,1,Bitcoin-Vs-Ethereum,1,Bitcoin-Vs-Ethereum Crypto-Coin,1,bitcoins,12,blockchain-technology,1,buy-jio-coin-in-india,1,candlestick-charts-performance,1,Cardano,1,clover-finance,1,clover-finance-coin,1,cocoswap-becomes-second-trending-crypto-token-on-coinmarketcap,1,coins,1,comparing-baby-doge-dogecoin-and-shiba-inu-which-is-best,1,cro-token,1,Crypt coin,1,Cryptcoin,19,crypto,53,Crypto Coin,1,crypto-asset,1,crypto-assets,1,crypto-assets-you-can-mine-from-a-home-computer,1,crypto-coin,24,crypto-coin-online-news,10,crypto-coin-price-today-on-june-7-check-bitcoin-ether-and-dogecoin-price,1,crypto-coin-price-updats-bitcoin,1,crypto-coins,4,crypto-coins-onlinenews,12,crypto-com-coin,1,crypto-credit-cards,2,crypto-credit-cards-why-you-should-have-one,1,crypto-currency,9,crypto-exchange,2,crypto-exchanges,1,crypto-investment,2,crypto-investor,1,crypto-news,47,crypto-research-tools,1,crypto-token,13,crypto-tokens-vs-coins-what-is-differences-between-coins-and-tokens,1,Cryptocoin,18,cryptocoin-million-dollars-penthouse-in-miami-most-expensive-property-traded-via-crypto-coin,1,cryptocoin-news,2,cryptocoins,1,cryptocurrencies,3,cryptocurrencies-tips-for-beginners,1,Cryptocurrency,114,Cryptocurrency-bitcoin,3,cryptocurrency-coin-price-in-india-today-7th-june-bitcoin-ethereum-dogecoin-crypto-market-volume-rise-by-more-than-22-percent,1,cryptocurrency-dogecoin,1,cryptocurrency-economy-this-village-in-el-salvador-uses-cryptocoins-to-buy-groceries-pay-utilities,1,Cryptocurrency-Ether,3,cryptocurrency-investment,2,cryptocurrency-investment-candlestick-charts-performance-how-to-read-data,1,cryptocurrency-mining,2,cryptocurrency-mining-how-does-mining-work,1,Cryptocurrency-news,3,cryptocurrency-news-in-hindi,16,cryptocurrency-safety,1,cryptocurrency-safety-4-tips-to-safely-invest-in-cryptocurrency,1,cryptocurrency-trade,1,cryptocurrency-vs-gold,1,cryptocurrency-what-is-the-plan-in-india-regarding-crypto-currency-learn,1,cryptocurrency-when-is-the-right-time-to-invest-and-sell-bitcoin,1,CryptoMarket,5,Cryptonews,10,cryptotab,1,cryptotab-browser-pro,1,cryptotab-browser-pro-refer-earn-free-bitcoin,1,defi-coin,1,defi-token,1,dep20-token,1,dhabicoin,1,difference-between-cryptocurrency-and-crypto-token,1,different-types-of-crypto-asset,1,do-you-know-high-potential-tokens-will-make-your-future-earn,1,dogecoin-vs-shiba-inu,1,dogecoin-vs-shiba-inu-which-option-is-best-where-to-invest-in-2021,1,e-money,1,e-money-ngm,1,earn-bitcoin-for-free,1,earn-bitcoin-without-investment,1,earn-crypto-online,1,earn-cryptos-online-participate-in-xcelpay-wallet-massive-token-giveaway,1,earn-free-crypto-coins-online,6,earn-free-crypto-coins-online-without-investment,1,earn-free-cryptocoin-daily,1,earn-online-passive-income-with-crypto,2,earncrypto,20,earncrypto-online,14,easiest-way-to-buy-safemoon,1,easy-way-to-mine-bitcoin-on-cryptotab-browser-free,1,Ether,1,Ethereum,1,everything-you-need-to-know-about-nft-projects,1,everything-you-need-to-know-about-nfts-and-cryptocurrency,1,farming-vs-staking,1,free-crypto-airdrop,1,Gadgets 360,22,garlicoin-games-memes-and-more-news,1,govcoins,1,governments-are-Introducing-govcoins-to-bring-down-cryptocurrencies,1,govt-has-these-4-tips-for-cryto-coin-and-bitcoin-investors,1,greenest-cryptocurrencies,1,happycoin,1,happycoin-crypto-changing-face-online,1,how-can-use-bitcoin-as-a-currency,1,how-can-use-bitcoin-as-a-currency-everything-you-need-to-know,1,how-does-blockchain-technology-make-cryptocurrency-trading-secure,1,how-does-cryptocurrency-mining-work,1,how-to-buy-nfts,1,how-to-choose-a-best-cryptocurrency-exchange,1,how-to-earn-free-cryptocurrencies-by-blogging-on-publish0x,1,how-to-earn-interest-and-increase-performance-with-bitcoin-and-crypto,1,how-to-get-free-crypto-airdrops,1,how-to-get-tfuel-coin-tfuel-crypto-price-prediction,1,how-to-invest-and-make-money-from-bitcoin-like-crypto-coin-in-india,1,how-to-spend-bitcoin-here-is-the-guide,1,how-to-trade-cryptocurrencies-here-are-some-tips-for-beginners,1,investment-in-crypto-coins-bitcoin-gave-return-more-than-gold,1,is-cryptocurrency-a-safe-investment,1,jio-coin,1,jio-coin-kya-hai-in-hindi,1,jio-coin-launch-date,1,key-differences-between-token-staking-and-token-farming,1,know-the-5-famous-crypto-coin-of-2021-they-will-make-money-in-future,1,launch-of-unitum-coin-a-defi-token-created-to-end-ticket-fraud-forever,1,Leading Bitcoin Machine Manufacturer to Halt Sales in China Operations Following Crypto Crackdown: Report,1,learn-about-the-clover-finance-crypto-coins-token,1,learn-about-the-neo-crypto-coins-token,1,learn-about-the-new-crypto-com-coin-token,1,monero-xmr-token-king-of-coins-on-darknet,1,most-profitable-cryptocurrency-mining,2,nbx-tokens,1,neo,1,neo-crypto,1,neo-crypto-coins,1,neo-token,1,netbox browser-decentralized-and-rewarding-first browser,1,netbox-global,1,new-crypto-coins,2,new-crypto-coins-which-is-best-dogecoin-shiba-inu-or-baby-dogecoin,1,new-cryptocoins,1,new-listings-trending-crypto-coins-on-coinmarketcap,1,nfts,6,nfts-and-cryptocurrency-everything-you-need-to-know,1,non-fungible-assets,2,non-fungible-token,2,Other Cryptocurrencies Fall as China’s Crypto Ban Shakes Market,1,pi network-first-mineable-coins-on-your-phone,1,pi-coin,1,pi-network,2,pi-network-one-pi-equal-to-dollar-100,1,polkadot,1,polkadot-price-prediction-polkadot-crypto-will-make-billionaires-in-2021,1,publish0x,1,refer-earn,2,ren-crypto-price-prediction-what-is-ren-crypto-is-ren-a-good-investment,1,Ripple,1,safemoon,1,safemoon-crypto,1,safemoon-crypto-easiest-way-to-buy-safemoon-crypto-assets,1,shiba-inu,2,shiba-inu-coin,1,shiba-inu-coin-easiest-way-to-buy-shib-coin-crypto-assets,1,shiba-inu-crypto,1,shiba-inu-crypto-coin,1,shiba-inu-crypto-why-shib-coin-crypto-is-getting-attention-again,1,should-you-invest-in-this-crypto-coin-bitcoin-know-about-it-in-details,1,south-african-vanish-with-3-6-billion-worth-of-bitcoin,1,stable-coin,1,staking,1,tfuel-crypto-price-prediction,1,the-best-centralized-crypto-exchanges,1,the-best-ways-to-earn-crypto-currency-without-spending-money,1,these-5-defi-coins-with-the-best-rewarding-options,1,time-to-earning-cryptocurrencies-is-right-now,1,token-farming,1,tokens-vs-coins-a-helpful-guide,1,top-10-affordable-cryptocoins-for-indian-investors-to-buy-in-2021,1,top-10-altcoins-buy-for-high-profits-returns,1,top-10-aspiring-cryptocurrencies,1,top-10-aspiring-cryptocurrencies-for-august,1,top-10-best-crypto-coin-mine-most-profitable-crypto-mining-2021,1,top-10-best-cryptocurrencies-to-invest-in-2021,1,top-10-best-tools-and-resources-for-crypto-research,1,top-10-cryptocurrencies-with-largest-market-capitalization-in-2021,1,top-10-greenest-cryptocurrencies,1,top-10-trusted-crypto-and-bitcoin-investment-sites,1,top-5-meme-crypto-tokens-can-make-us-rich-in-near-future,1,top-crypto-credit-cards-in-the-world-of-cryptocurrencies,1,top-cryptocurrency-news-on-june-Important-stories-about-bitcoin-dogecoin-and-digital-cash,1,types-of-cryptocurrencies-everyone-should-know-about-in-2021,1,US Sports Commentator Joe Rogan Says He Doesn't Understand the Concept of NFTs,1,what-are-nfts-how-can-buy-them-in-india,1,what-are-the-top-10-greenest-cryptocurrencies,1,what-is-a-blockchain-node,1,what-is-a-blockchain-node-how-does-cryptocurrency-work,1,what-is-dhabicoin-token-dbc,1,what-is-e-money-ngm-and-how-does-it-work,1,what-is-the-difference-between-stable-coin-and-dep20-token,1,what-is-wrx-coin-key-features-of-wazirx-where-and-how-to-buy,1,when-will-government-decide-future-of-a-cryptocurrency-like-bitcoin-in-india,1,which-is-best-dogecoin-shiba-inu-or-baby-dogecoin,1,Will Volcanic Geo-Thermal Energy Soon Power ‘Clean’ Bitcoin Mining in El Savador?,1,women-investors-in-the-indian-crypto-market,1,
ltr
item
Crypto - Cryptocurrency, Crypto Coins - OnlineNews: NFT Marketplace OpenSea Confirms Product Head’s Involvement in Insider Trading Scam
NFT Marketplace OpenSea Confirms Product Head’s Involvement in Insider Trading Scam
NFT Marketplace OpenSea Confirms Product Manager Involvement in Insider Trading Scam
https://1.bp.blogspot.com/-BCRfdN1_ZOU/YUNjdlrs70I/AAAAAAAAE08/ACBEHetORF0TBhnhvYTGzchVjEmliTOSACLcBGAsYHQ/w640-h360/NFT%2BMarketplace%2BOpenSea%2BConfirms%2BProduct%2BManager%2BInvolvement%2Bin%2BInsider%2BTrading%2BScam.webp
https://1.bp.blogspot.com/-BCRfdN1_ZOU/YUNjdlrs70I/AAAAAAAAE08/ACBEHetORF0TBhnhvYTGzchVjEmliTOSACLcBGAsYHQ/s72-w640-c-h360/NFT%2BMarketplace%2BOpenSea%2BConfirms%2BProduct%2BManager%2BInvolvement%2Bin%2BInsider%2BTrading%2BScam.webp
Crypto - Cryptocurrency, Crypto Coins - OnlineNews
https://crypto.onlinenews.live/2021/09/nft-marketplace-opensea-confirms.html
https://crypto.onlinenews.live/
https://crypto.onlinenews.live/
https://crypto.onlinenews.live/2021/09/nft-marketplace-opensea-confirms.html
true
7322076323457124271
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content