"Darkness Falls, Please Take Over! OpenSea's Product Lead Involved in Insider Trading for Profit, Multiple On-chain Evidence Found"
Twitter user @ZuwuTV recently discovered that Nate Chastain, the product lead at OpenSea, allegedly engaged in multiple instances of insider trading over the past two months, using his business advantage to make significant profits. (OpenSea has confirmed this news as of late evening around 9 p.m.)
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According to @ZuwuTV's statement, Nate Chastain allegedly has some secret wallets where he purchases NFTs featured on the homepage at a lower price before listing them on OpenSea, and sells them at a higher price when their value increases. The profits from these transactions are then transferred to a wallet associated with Nate Chastain's Twitter CryptoPunk avatar.
Hey @opensea why does it appear @natechastain has a few secret wallets that appears to buy your front page drops before they are listed, then sells them shortly after the front-page-hype spike for profits, and then tumbles them back to his main wallet with his punk on it?
— 0xZuwu.eth 🧪 (@0xZuwu) September 14, 2021
After @ZuwuTV alerted the public to this potential conspiracy, other Twitter users began investigating the matter. An anonymous Twitter user compiled a table of possible insider trading activities by Nate Chastain from August to date using on-chain data. If true, Nate Chastain has allegedly made at least over 12 ETH, approximately $40,000, from insider trading in these two months.
ZuwuTV also shared the relevant evidence of insider trading through Twitter for public viewing. Interested readers can follow the link to see more details.
Found a place to upload the files that has a 30day or 250 download limit! These 2 files were sent to me anonymously with sketchy wallet activity from people looking into it before me.https://t.co/fQQqt7sjdb
— 0xZuwu.eth 🧪 (@0xZuwu) September 15, 2021
Currently, Nate Chastain has not responded to these allegations, while OpenSea has issued an official statement confirming that an employee engaged in pre-listing trading and has implemented a policy on conflicts of interest.
