US charges OpenSea ex-employee in first NFT insider trading case

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NEW YORK: US prosecutors in Manhattan on Wednesday (Jun 1) charged a former product manager at OpenSea, the largest online marketplace for non-fungible tokens, with insider trading, the first such case involving digital assets. Nathaniel Chastain, 31, of Manhattan, was accused of secretly buying

NEW YORK: US prosecutors in Manhattan on Wednesday charged a former product manager at OpenSea, the largest online marketplace for non-fungible tokens, with insider trading, the first such case involving digital assets.

Prosecutors said Chastain sold his NFTs at a profit shortly after they were featured, typically two to five times what he paid. Prosecutors said the scheme ran from June to September 2021, when Chastain was responsible for selecting which NFTs would be featured, and that he transacted through anonymous digital currency wallets and accounts at OpenSea.

 

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