An OpenSea executive has been outed for hyping nonfungible tokens he purchased and so featuring them on the homepage of the popular NFT marketplace — a move that presumably allowed him to sell the fine art pieces for a quick profit.

Nate Chastain, who serves as OpenSea's caput of product, allegedly used burner wallets to purchase NFTs, which were and so featured on the front folio of OpenSea — where they'd receive the most attention — before unloading them. A Reddit user documented the whole ordeal past publishing the transaction details.

One of the NFTs in question belongs to the Dailydust Collection on OpenSea. The "Spectrum Of A Ramenfication Theory" was purchased past Chastain on Tuesday for 0.25 Ether (ETH) before it was sold for 1.v ETH a few hours subsequently. Notably, the sale was executed after the NFT was featured on the forepart folio.

A Twitter thread that appeared on Tuesday also alleged that Chastain has been flipping front-page NFTs for a while.

Chinese crypto outlet 8BTC News claims that the OpenSea executive earned 18.875 ETH through insider trading of xi NFTs.

OpenSea confirmed the allegations in a web log post that appeared on Midweek. "Yesterday we learned that ane of our employees purchased items that they knew were gear up to display on our front page before they appeared there publicly," the mail read, adding:

"This is incredibly disappointing. Nosotros want to exist articulate that this behavior does not stand for our values as a team. We are taking this very seriously and are conducting an immediate and thorough review of this incident so that we have a full understanding of the facts and boosted steps we demand to take."

OpenSea, which processed $four billion in sales in August alone, said employees are barred from ownership and selling collections that are beingness featured on the platform. They are too prohibited from using confidential data almost NFTs to turn a profit from their sale.

At the fourth dimension of writing, OpenSea didn't disclose the status of Chastain'due south employment with the visitor.