In the midst of OpenSea’s insider trading scandal, the employee at the center of it has decided to resign his position.
In a blog post on Sept. 15, OpenSea admitted that one of its higher-level employees had been scamming the system to profit from non-fungible token (NFT) sales. The employee in question, Nate Chastain, was the head of product at OpenSea before his recent resignation.
Chastain was accused on Twitter of operating several digital wallets that would manipulate the NFT market on Opensea. Chastain’s method was to figure out which NFTs would be featured prominently on the website and purchase them before they were available to the public. Chastain would then turn around to sell the NFTs for a profit once the price inevitably grew from being featured on the homepage.