After the news of price gouging spread…the head of products for the “OpenSea” platform announces his resignation from his position
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Answer After the news of price gouging spread…the head of products for the “OpenSea” platform announces his resignation from his position
It appears that Nate Chastain, head of product at popular NFT trading platform OpenSea, has stopped working with the company after being accused of manipulating NFT prices using inside information.
The resignation of the head of products at the “OpenSea” platform:
After he was summoned two days ago, Event Chesten posted his Twitter profile to include the phrase “Past:opensea”, indicating that he no longer works at OpenSea.
Although this is not conclusive evidence, his withdrawal from OpenSea was largely due to the accusations against him.Read:Why are alternative cryptocurrencies dropping while bitcoin is rising?
OpenSea CEO Devin Finzer has already updated his previous blog post regarding the incident with the news that OpenSea requested and accepted the resignation of one of its employees yesterday for violating their commitment to the community.
In the CEO’s update, it said OpenSea immediately commissioned a third party investigation after news of the manipulation surfaced.
Despite mounting evidence against him, Nate Chesten has not issued a public statement on the matter.
Meanwhile, the Twitter consensus from his audience appears to be guilty, and some are even celebrating his resignation with a “CryptoPhunk” giveaway.
Still others appreciate the work that Chaesten has contributed to the NFT community and wish him well for moving forward, despite his faults.
Accusations and Evidence:
Nate Chesten was accused of using inside information to buy OpenSea NFT before it was released on the platform’s homepage, and then selling it for much higher profits.
Chesten initially bought NFT using another account to hide his identity, but was caught using blockchain data that revealed that his earnings from these accounts were all transferred to his public address.
OpenSea later released a post on its blog confirming that this insider trading and manipulation had indeed occurred.Read:Huge global companies are using the Ethereum blockchain in their business
Chastain’s earnings from this manipulation totaled 19 Ethereum, which is over $65,000 at the time of writing this article.
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