OpenSea Confirms An Employee Is Trading NFT By Abusing Private Information

An OpenSea employee has exchanged non-fungible tokens (NFTs) by exploiting information that ordinary OpenSea users are not yet aware of for his own benefit.

According to OpenSea’s blog post on Wednesday, a member of the OpenSea team said that the platform’s to the home page products that he knows will be placed, before they are placed on the homepage was buying.

Rumors about the matter were made yesterday by a Twitter user named Zuwu based on some data visible from Etherscan. sharing came up with.

According to this post, Nate Chastain, product manager of OpenSea, has several of his own secret digital wallet NFTs to be listed on OpenSea’s homepage using buys in advanceHe later sold them for profit.

OpenSea team, in a statement on the subject, “This has been incredibly disappointing. We want to make it clear that this behavior does not reflect our values ​​as a team.” He stated that an investigation was launched into the incident.

In line with the new decisions taken by the management, the names in the OpenSea team are on the home page of the site or in a different medium. highlighted will not be able to buy and sell NFTs in collections and to exchange NFTs regardless of platform. confidential information cannot abuse it.

OpenSea, which was established in 2017 and is one of the largest marketplaces in the non-fungible token market, will be in total in August 2021 according to Dune Analytics data. more than $3 billion valued trade volume.

Announcing that it has received $100 million in funding at the end of July, OpenSea has reached a valuation of $1.5 billion.