OpenSea Employee Charged With Insider Trading in NFTs

U.S. prosecutors in Manhattan on Wednesday unveiled an indictment accusing a product manager at OpenSea, the largest online marketplace for non-fungible tokens, of insider trading. From a report: Nathaniel Chastain was accused of secretly buying 45 NFTs based on confidential information that they would soon be featured on OpenSea's home page, and later selling them at a profit, typically two to five times what he paid. According to an indictment filed in Manhattan federal court, the scheme ran from June to September 2021, and Chastain transacted through anonymous digital currency wallets and accounts at OpenSea. Chastain was arrested this morning in New York, New York and will be presented today in the United States District Court for the Southern District of New York. He is charged with one count of wire fraud and one count of money laundering, each of which carries a maximum sentence of 20 years in prison.

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