OpenSea Exec Resigns Over Insider Trading Allegations

OpenSea — the world's top non-fungible token (NFT) marketplace — announced the executive involved in the recent insider trading scandal has resigned from their position.

What Happened: According to an OpenSea announcement, the firm "requested and accepted" the resignation of the employee responsible for the insider trader activity that made waves in the NFT community.

The employee purportedly "purchased items that they knew were set to display on our front page before they appeared there publicly," the company said. 

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OpenSea previously announced that it is "taking this very seriously."

According to a recent tweet, it's the company's former head of product Nate Chastain who bought the NFTs before they were featured on the front page and sold them shortly afterward — and profited. His identity was easily identified because the wallets he used interacted with his known wallet holding a CryptoPunk.

This is not the first incident that saw the involvement of this company. Earlier this month, a bug in OpenSea's smart contracts accidentally destroyed at least 42 NFTs worth a minimum of $100,000.

The company raised $100 million in a Series B funding round led by Andreessen Horowitz in July, reaching its current valuation of $1.5 billion.