NFT Aggregator Gem.xyz Acquired By OpenSea Shortly After Ousting Co-Founder For Sexual Misconduct

OpenSea, the largest NFT marketplace, acquired Gem.xyz (Gem) to “better serve” its more experienced users. The deal will allow OpenSea to “learn from Gem’s expertise and intuition about the advanced NFT community,” the company said.
The news comes about two weeks after Gem removed Josh Thompson, a core developer and former shareholder at the company. This is over allegations from several individuals that Thompson had engaged in sexual harassment and the grooming of minors.

Thompson, who held shares in Gem prior to the transaction, was terminated from Gem without severance at that time. And the deal with OpenSea was contingent upon both his departure from the company and his liquidation from Gem’s cap table. Thompson does not hold shares in Gem or OpenSea today.

“During the course of our diligence, we learned about, and immediately surfaced, some deeply concerning allegations against a now-former member of Gem’s leadership team who operated under the pseudonym Neso.