Insider Trading Former OpenSea Executive back in the NFT space

A former OpenSea executive who resigned from the marketplace in September 2021 due to allegations of insider trading is back in the NFT space

Insider Trading in the Age of NFTs

Insider trading is when a person or organization gets trading information that the general public doesn’t have access to. For decades, we’ve witnessed insider trading in the financial markets and related industries, and until recently, it wasn’t a significant problem in the NFT space.

As the NFT industry got more prominent, it was only a matter of time until the first major NFT-based insider trading scandal happened. In September 2021, an insider trading scandal compromised Nate Chastain, OpenSea’s former head of product.

After the incident in 2021, Chastain laid low for a while, but now he’s finally back and looking to re-enter the NFT space in a more prominent position.

Insider trading was bound to occur in the NFT space, and as the largest NFT marketplace, OpenSea was the most likely target. For some reason, insider trading has become engraved in human behavior. It doesn’t matter how but as a company or sector grows, someone will find a way to get forward illegally through insider trading.

One thing that the NFT ecosystem has working for it is that the space hasn’t been infected with insider trading and nefarious activities to the point of no return. Failure to get insider trading and other nefarious activities under control may mean that the NFT space ends up like Wall Street.

Oval Marketplace

After months of laying low, Nate Chastain creeped out the woodworks with plans for his NFT marketplace. According to pitch materials viewed by many news platforms, including CoinDesk, Oval is looking to raise $3 million in seed funding at a pre-money valuation of $30 million.

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