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OpenSea product chief accused of flipping NFTs with insider information

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OpenSea, the largest NFT trading market, said today that one of its employees purchased an NFT that could use inside information to be posted on its homepage and could spike in value. An accusation was filed last night against OpenSeas product manager Nate Chastain after a community member announced a suspicious transaction from his wallet. OpenSea CEO Devin Finzer tweeted yesterday that one of his employees bought an item that he knew would appear on the front page before it appeared on the front page. rice field. This is incredibly disappointing. This site expressly prohibits deceptive or operational trading activities in its Terms of Service.

This statement was prompted by a community-led investigation of chastain transactions. On Twitter yesterday, a user named ZuwuTV posted a thread claiming that Chastain bought before introducing NFTs on the front page of the site and sold them to profit when prices went up due to exposure. I posted it. In a thread, ZuwuTV identified a September 14 transaction in which Chastain allegedly sent 5 Ethereum (about US $ 17,000) from a known wallet to an anonymous wallet and sent it to a third account. According to another user, ricefarmer.eth, the account purchased four NFTs by artist Dailydust. One was titled Spectrum Of A Ramenfication Theory, which OpenSea picked up directly shortly thereafter. The account is then alleged to have turned over the NFT for the benefit of about 2 Ethereum and returned the money to Chastains’ original wallet. OpenSea does not use inside information to determine which NFT was traded.

At least we have a blockchain so we know more and can talk about it

When the NFT community covered a Zuwu TVs survey last night, he posted more transactions, suggesting that front-running behavior could have started as early as last month. Using tools such as Wayback Machine and Twitter’s advanced search capabilities, ZuwuTV and other users have indicated that Chastain may have purchased an NFT that works before or immediately after the OpenSea website is updated. rice field. Like other NFT platforms such as Nifty Gateway, the OpenSeas front page is curated manually rather than being determined by an algorithm.

Because Ethereum’s blockchain is transparent, all transactions are permanently recorded in a public ledger, allowing users to follow the money trail back to Chastain’s publicly known account. rice field. All transactions are time stamped to recognize the traded NFT or Ethereum. This transparency has allowed users to protect their communities by discovering historically sophisticated scams. For example, when cyber detective Fedor Linnik discovers that the team behind a $ 1 million female-led project is actually a Russian man.

Over 1,700 NFT collectors and traders attended to discuss the situation on Twitter Spaces at midnight under the title Investigating allegations (with a monocle face emoji at the end). Many praised blockchain’s capabilities and argued that technology enabled a thorough investigation, despite uncertain discoveries. According to NFT trader fungibls, at least because of the existence of blockchain, we know more and can talk about it.

Great words from OpenSea, but we’ve heard them before.

LURK LOVESYOU, one of OpenSeas’ featured artists, said the work was allegedly flipped over by Chastain and he was either unpaid or deliberately not involved in the transaction. He also speculated that he was chosen primarily because he helped OpenSea at an art show but didn’t get heads-up from the site. From an artist’s point of view, Im is just a guy doing artwork and enjoying the NFT space and community. This upset me a bit, he said in a conversation.

As a result of our research, OpenSea has implemented a new policy regarding team members. While introducing or promoting a collection or creator, you cannot buy or sell from the collection or creator. In addition, it is prohibited to purchase or sell NFTs using sensitive information, whether or not it is available on the OpenSea platform.

Chastain did not respond to the request for comment. At the time of writing, Chastain has not yet issued an official statement and OpenSea has not directly named him as an employee involved. Still, despite concerns that allegations raise confidence in OpenSeas’ centralized curation practices, the benefits of Securities and Exchange Commission regulation and community-led regulation, and insider trading of many NFT community members in general, are optimistic. is.

Great words from OpenSea, but we’ve heard them before. This could be a good thing if they follow through, OK Hotshot, a friend of Zuwu TV, who also does blockchain analysis, told The Verge this morning.

We invented anti-insider trading by exploding this. If this were a huge trading company, they would have done a lot to fill the story, added space community member and co-host yuppie.eth last night. Currently working for the best interests of OpenSea customers.

Sources

1/ https://Google.com/

2/ https://www.theverge.com/2021/9/15/22676075/opensea-insider-information-nft-trading-nate-chastain

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