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This possibly explains why opensea has no updates to its product for some time, the head of product is too busy insider trading Jpegs https://t.co/bZ8OQRcSIr
— Sisyphus (@0xSisyphus) September 15, 2021
Good on @dfinzer to address this head-on. Right response to a difficult situation. https://t.co/zwgpopQkYj
— Artnome (@artnome) September 15, 2021
So here's a question - who else at @opensea is doing this? There's 37 people who work there, how many of them have publicly known wallets? https://t.co/GZDRWIlWrc
— Sean Bonner Ⓥ (@seanbonner) September 15, 2021
“This is incredibly disappointing. We want to be clear that this behavior does not represent our values as a team. We are taking this very seriously and are conducting an immediate and thorough review of this incident …”https://t.co/sZMntE6O37
— Laura Shin (@laurashin) September 15, 2021
OpemSea issued a statement. They acknowledge that the allegations are true against Nate, but no mention it was prohibited behavior. “Insider trading” is so prevalent in NFT community. How did people mint 400 Loot for instance? I don’t like finger pointing. https://t.co/PSpz4q3OIm
— Beanie ? (@beaniemaxi) September 15, 2021
The below article by @RyanJamesWeeks notes the weaknesses in how most NFT collections are launched.
— Syncubate (@Syncubate) September 15, 2021
Here's a possible solution: @pownft employs a PoW distribution model, so those in positions of influence can't scoop up the supply.
Worth covering on @TheScoopPod, @fintechfrank! https://t.co/1ULKyCE6Ms
The bag-pumping is coming from inside the house! https://t.co/sMm4emR2z5
— Kevin Roose (@kevinroose) September 15, 2021
being rife with fraud in every corner and company has really branded crypto with a reputation for fraud. so sad. https://t.co/xOEFrMxqMt
— James (@JamesHercher) September 15, 2021
the crazy thing about this is that I don't know if there is a mechanism in law yet that even makes this illegal. it's not insider trading I don't think bc NFTs aren't regulated like stocks https://t.co/tHFQ4HrNAU
— Title IX coordinator @Taliban (@MatthewGalanty) September 15, 2021
So how did this piece suddenly become so desirable? Well, it's on the front page of @opensea of course ? pic.twitter.com/cxy6soXNVs
— ricefarmer.eth ? (@RiceFarmerNFT) September 15, 2021
An interesting form of insider trading. Buy up a bunch of assets then make sure they’re featured prominently on the front page of your marketplace site.
— Dare Obasanjo (@Carnage4Life) September 15, 2021
This isn’t unique to NFTs as it’s possible for Etsy or eBay employees to do the same yet they don’t.https://t.co/DXfPWWFMxS
Heres one tx on returning profits to the main
— Zuwu? ??? (@ZuwuTV) September 14, 2021
0xa3a45 wallet after flipping the item CURRENTLY on the front pagehttps://t.co/Is6G4xLlIx
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?
— Zuwu? ??? (@ZuwuTV) September 14, 2021
I just wanted to secure one of these before they all disappeared tbh
— Nate Chastain (natec.eth) (@natechastain) August 3, 2021
Is this a pump-and-dump scheme or insider trading?
— Plant (@plantmath1) September 15, 2021
Either way I’m pretty sure it is illegal. Kinda convenient that all transactions are recorded and public.
? @SEC_Enforcement https://t.co/ttogCQ5gYC
The crypto space is so shady so when people like Brian at Coinbase try to proactively comply with regulations, he should be supported. Cause this opensea shit is what is typical. https://t.co/UDtDDD6x70
— Mo Elzubeir ? (@elzubeir_mo) September 15, 2021
did ppl think that unregulated marketplaces with illiquid assets were going to be run by 100% ethical people
— alex (@alex) September 15, 2021
About 8 minutes later, Wallet B buys 4 pieces from the "Dailydust Collection". One in particular for .25 ETH named "Spectrum Of A Ramenfication Theory"https://t.co/EO7bjbSxhU pic.twitter.com/AZacOYpuHi
— ricefarmer.eth ? (@RiceFarmerNFT) September 15, 2021
We’re conducting a thorough review of yesterday’s incident and are committed to doing the right thing for OpenSea users.
— Devin Finzer (dfinzer.eth) (@dfinzer) September 15, 2021
We have posted an official statement here: https://t.co/NWExSdThOf
Flow is:
— 0xngmi (@0xngmi) September 15, 2021
1. punk sends ETH to 0x16a53F982C5559891cAf46667faa5dBF93e69F55
2. 0x16a53 redirects all funds to 0x7942f48651d8c4edb40be768fa89db9d4a8637b4
3. 0x7942 flips some jpegs for ~10x in 7 minutes
4. 0x7942 sends money back to punk
?Heads up to the next @opensea head of product after this one is fired:
— Coffeezilla (@coffeebreak_YT) September 15, 2021
If you're gonna launder money between accounts, at least make it hard to track. ? Video soon. https://t.co/g6vTiTiOhu
Despite this being painted as something commonly done by nate this doesn't seem to be the case (at least from the punk wallet).
— 0xngmi (@0xngmi) September 15, 2021
Here's the eth balance history of the wallet pic.twitter.com/7BSCjHNQVb
The power of transparency - there is still no visibility on whats happening on centralized platforms https://t.co/q0TOpPV0co
— stani.txt (?,?❄️) ? (@StaniKulechov) September 15, 2021
On a rocket ship and still had to skim value ? https://t.co/5TpJPheV2U
— Kyle Russell (@kylebrussell) September 15, 2021
This is true. Shoutout Coinbase.
— parker (@pt) September 15, 2021
Crypto heuristic: If you don’t know who the next level down is in the MLM tree, you are a leaf node. https://t.co/aKJcH2F3ab
The fact that this kind of behavior is genuinely scandalous in the NFT world is a very good indication that NFTs are much closer to being securities than they are to being art. https://t.co/hU42nZFn6O
— Felix Salmon (@felixsalmon) September 15, 2021
So did @natechastain really abuse his power by front-running projects on the @opensea home page in order to profit?
— ricefarmer.eth ? (@RiceFarmerNFT) September 15, 2021
Let's take a look: pic.twitter.com/tpJD1Y0pK2
As I warmed: NFT’s are money laundering, centralized, pump ‘n dump scams. https://t.co/8OhuqP3ggd
— BITCOIN MAXIMALIST (@maxkeiser) September 15, 2021
You love to see it: democratizing insider NFT grifting by the Head of Product at OpenSea?
— Kontra (@counternotions) September 15, 2021
↓ https://t.co/jPbpdahMUG
In the art world, if someone who worked at a gallery bought up an artist’s art before a big public opening, that would be… a normal Monday
— Felix Salmon (@felixsalmon) September 15, 2021
@natechastain opensea wallet containing his Cryptopunk pfp is here: https://t.co/WCSN1NEB7D
— ricefarmer.eth ? (@RiceFarmerNFT) September 15, 2021
Nate's address: 0xa3a4548b39da96eb065ff91811ca30da40431c0d
The address that funded this is the same that owns @natechastain's punk as well. https://t.co/JfJ5BE2SIF
— 0xngmi (@0xngmi) September 15, 2021
Surprised that OS freely allowed this behaviour by not having anything in place. I'd suspect that Nate isn't the only one, just the only one who got caught.
— Cold Blooded Shiller (@ColdBloodShill) September 15, 2021
Tbh it still says more about the individuals than OS by abusing their positions at the expense of the community. https://t.co/6PcFVGn2Es
2 minutes later, Wallet A sends ~5 eth to Wallet B here: https://t.co/TuWhSf7bKL
— ricefarmer.eth ? (@RiceFarmerNFT) September 15, 2021
Here is the transaction in question: https://t.co/NVmAiEXZgV
i am surprised at the surprise here https://t.co/F6YQEFM8Ah
— alex (@alex) September 15, 2021
On a sufficiently long time horizon, every successful startup is an insider trade on material non-public information.
— Dan Romero (@dwr) September 15, 2021
To celebrate the beginning of the demise of @natechastain, I will be giving away a CryptoPhunk. Just retweet or like or whatever. I don't care. pic.twitter.com/ksB7S5ZzKN
— Chopper (@chopper__dad) September 15, 2021
I’m as against insider trading as the next Dangerous Professional, but isn’t the actual harm to the user here not using market position to buy NFTs you know your employer is going to promote to users but… promoting NFTs to users?https://t.co/UPU3Ppp0G9
— Patrick McKenzie (@patio11) September 15, 2021
Now everyone knows about opensea front running. There are front running on @Uniswap @SushiSwap and @PancakeSwap every minute at way bigger scale yet people are numb about it. Try https://t.co/nNS1aYgJj0 world's first front running resistant DEX. https://t.co/k3oTjZqPOx
— Xiaohan Zhu (@xiaohanzhu) September 15, 2021
.@opensea investigating head of product over potential trading scandal. (?) https://t.co/adXW1Ahzqc
— Steef.eth (@SteefCrypto) September 15, 2021
.@opensea investigating head of product over alleged trading scandal. https://t.co/o9RmMOz0je
— TheStreet Crypto (@StreetCrypto_) September 15, 2021
OpenSea admits NFT insider’s trading incident https://t.co/4ww7tcQrcM
— Financial Times (@FT) September 15, 2021
Why am I not surprised!@opensea I hope you deal with this person harshly!https://t.co/0KIYKF1jjP
— Coach K (70% Crypto, 30% USDC) (@Coachkcrypto) September 15, 2021
I personally think this will be good for the NFT space as it highlights the transparency and shows thats its more difficult to get away with due to the public nature of transactions.
— WALLACE (@wallaceNFTs) September 16, 2021
https://t.co/vkVaJvz6CP
Another legal grey area in the realm of NFTs. Should insider trading of NFTs be punishable? Because NFTs aren't securities should insider trading even be a thing?https://t.co/scVbVpm0S7
— Som. (@P_C_Omoniyi) September 15, 2021
NFTマーケットプレイスのOpenSeaのHead of ProductがOpenSeaトップページに表示される前にそのNFTドロップを購入していたことが判明。
— Tetsuro Miyatake (@tmiyatake1) September 16, 2021
いわゆるNFT業界のインサイダー取引と似たような話になるが、OpenSeaは元々従業員がインサイダー取引用のルールを社内で設けてなかった。https://t.co/DUNehumwpo https://t.co/GvA6YvCbrD
OpenSea admits incident as top exec is accused of trading NFTs on insider information – TechCrunch https://t.co/xzJe7LSkVA
— HUMBL NATION ツ (@Humbl4Payments) September 15, 2021