OpenSea employee jailed for selecting NFTs to be featured on homepage
Chastian was an OpenSea employee that is now serving 40 year jailtime for doing insider trading. Chastian was given the responsibility of selecting NFTs that would be next featured on homepage of OpenSea’s website. This was a pretty big piece of information.
This would allow him to buy the NFT before they 2x-5x-ed in price. He did this all the way from June 2021 till September 2021. And then, he was caught red-handed and fired from OpenSea. He was charged with money laundering and insider trading and sentenced to 40 years of jailtime.
The website of US attorneys has made an article about this OpenSea incident on their portal.
For those who do not know about OpenSea, it is a decentralized marketplace for buying and selling NFTs. As you might have already guessed, it is not fully decentralized as what comes on homepage is controlled by certain OpenSea employees.
That said, buying and selling happens directly from one wallet to another, with OpenSea taking a small cut for providing their services. It allows users to trade on myriad blockchains including Ethereum and Solana.