Skip to main content

OpenSea’s product chief is out after insider NFT flipping accusations

OpenSea’s product chief is out after insider NFT flipping accusations


He’s accused of buying NFTs before they appeared on the trading platform’s homepage

Share this story

Image representing NFTs with pixelated blocks made up of purple squares.
Illustration by Alex Castro / The Verge

OpenSea head of product Nate Chastain, who was recently accused of a form of NFT insider trading, appears to no longer be working for the company. His Twitter bio now includes the phrase “Past: @opensea.” OpenSea has not publicly named the employee involved in the incident, but CEO Devin Finzer says the NFT trading platform asked for and received their resignation.

Yesterday, Finzer put up a blog post saying an employee used knowledge gained from working at the company to purchase NFTs that were about to be posted to the popular trading site’s homepage (and would thus likely go up in value). While an investigation is apparently still ongoing, OpenSea does say that it’s implemented clearer rules to prevent employees from doing this kind of thing in the future.

The incident came to light after the NFT community began digging into transactions in Chastain’s public wallet. Community members, taking advantage of the blockchain’s openness and semi-transparency, were able to find transactions that seemed to indicate that he was secretly flipping NFTs. The community members also say that the transactions show that this flipping earned the employee thousands of dollars or more — you can read more about the investigations and accusations here.

Chastain has yet to make a public statement or acknowledge the situation in any way. However, his Twitter profile, and OpenSea’s blog post, would seem to indicate that his time at the company is over.