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Not officially announced on the band's site but....
According to wikipedia a while ago, Nate was under "Touring members"
Now, He is under the actual members heading and O.E is now a former member. Also, Chibi referred to Nate M. as their "new bassist."
Man, I wish they could have two bassists...then again it be too big. Theres two guitarists so...but eh.. I guess O.E is pretty busy. Did he actually leave, anyone know? The band hasn't said, but it really does seem like O.E left.
Would be sad if he is actually gone. I heard O.E has other unknown projects too. But also, many of my friends have said that they talked to Rhim and Mike. Rhim did state that O.E is gone for the most part, but they still keep in touch. Eh well. Nate seems coolio though! Nice guy, the band loves him, and he's a quick learner! I'm really gonna miss O.E's voice though. Rainbow does a great job, but in songs like Red Stars or Looking Glass, I feel like O.E's backing vocals really...I don't know how to end that.

I hadn't known he left the band, but from what you're saying it sounds pretty legit.
I don't think having two bassist would work well. Having two guitarist is a completely different matter than having two different bassist. You can have a lead guitarist and rhythm guitarist. In the case of bass, you're strongly supporting and balancing out the rest of band. If the bass is too overpowering in a band, it doesn't lead to a good sound, and not to mention it can be very damaging to the ears of the crowd *permanently lost the lower bit of her hearing due to overpowering bass at a concert and now has trouble hearing males speak*