Insider trading is always very widespread in the financial markets. Those who do nothing usually dismiss their functions. But how would you feel if one of these culprits returned to business?
We now know that former OpenSea CEO Nate Chastain, who was humiliated by insider trading, is now back in the NFT. He is apparently working on a new NFT platform called Oval. Content store logo.
The former OpenSea Exec involved in insider trading is trying to get back on track
In September 2021, Nate Chastain was the product manager at OpenSea. At the time, he was caught by a Twitter user buying headlines for droplists. He used his position for insider trading and earned an estimated 19 ETH or $ 67,000. As a result, OpenSea confirmed the business scandal and Chastain had to resign.
Now, after several months of downtime, Chastain is trying to return to NFT by launching Oval, a new NFT platform that makes it easier for collectors to find NFT.
According to Coindesk, Oval is seeking $ 3 million in initial funds based on the company’s presentation in February 2022. And when the fund is completed, Oval will have a pre-cash valuation of $ 30 million. However, earlier versions of the course showed that the company is trying to increase further. How much is it? A total of $ 7.5 million at pre-cash valuation of $ 50 million.
Given that one of its co-founders has been involved in insider trading in the past, it remains to be seen whether Oval will raise funds to start its own business. If you ask me, insider trading takes place wherever the money goes. Earlier this year, NFT Ethics accused CEO MoonPay of insider trading. In fact, the NFT community suspects that there are secret groups of insiders who are hiding some of the most popular NFT projects of all time. While this is not something we can influence, we can at least decide not to engage in crime.