{"id":49908,"date":"2021-09-22T09:51:54","date_gmt":"2021-09-22T06:51:54","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=49908"},"modified":"2025-09-02T15:03:04","modified_gmt":"2025-09-02T12:03:04","slug":"opensea-chief-says-former-employee-did-not-engage-in-insider-trading","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/opensea-chief-says-former-employee-did-not-engage-in-insider-trading\/","title":{"rendered":"OpenSea Chief Says Former Employee Did Not Engage in Insider Trading"},"content":{"rendered":"<p>OpenSea CEO Devin Finzer told <a href=\\\"https:\/\/decrypt.co\/81447\/opensea-ceo-execs-nft-trades-were-misframed-as-insider-trading\\\">Decrypt<\/a> that the actions of the marketplace&#8217;s fired employee were mischaracterized as insider trading.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\"><p>\\n<\/p>\n<p>\\&#8221;We do not regard NFTs as financial assets, so this does not fit. It is a very specific term for a very particular activity,\\&#8221; he explained.<\/p>\n<p>\\n<\/p><\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>Earlier OpenSea <a href=\"https:\/\/u1f987.com\/en\/news\/opensea-fires-employee-implicated-in-insider-trading\">fired<\/a> an employee implicated in insider trading. The name is not directly mentioned in the press release. In the crypto community, product director Nate Chastain was suspected of wrongdoing.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>According to a ruling by the U.S. Securities and Exchange Commission, insider trading is the purchase or sale of securities based on confidential information about the issuer.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Finzer acknowledged that while the actions of the former OpenSea employee do not fall under this definition, they could undermine customers&#8217; trust in the platform.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\"><p>\\n<\/p>\n<p>\\&#8221;It was a mistake by an employee. We took action, and he left the company. We will tighten the rules for OpenSea employees who want to trade on the NFT market,\\&#8221; the CEO explained.<\/p>\n<p>\\n<\/p><\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>In August, the NFT trading volume on OpenSea <a href=\"https:\/\/u1f987.com\/en\/news\/opensea-nft-marketplace-trading-volume-tops-3-billion-since-early-august\">exceeded $3 billion<\/a>.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>In September, the marketplace&#8217;s <a href=\"https:\/\/u1f987.com\/en\/news\/opensea-error-burned-42-nfts-worth-about-100000\">error led to the destruction of 42 NFTs<\/a> worth $100,000.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news in our <a href=\\\"\/\/telegram.me\/forklog\\\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, rates and analysis.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>OpenSea CEO Devin Finzer told Decrypt that the actions of the fired employee were not classified as insider trading.<\/p>\n","protected":false},"author":1,"featured_media":49909,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1156,1213,1265],"class_list":["post-49908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-institutional-investors-and-whales","tag-nft","tag-opensea"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=49908"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49908\/revisions"}],"predecessor-version":[{"id":49910,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49908\/revisions\/49910"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/49909"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=49908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=49908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=49908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}