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Former OpenSea Exec Accused of Insider Trading - India Blogger

alex dovbanya

This is the first NFT insider trading case for US authorities

Nathaniel Chastain, a former product manager at major non-fungible token marketplace OpenSea, has been charged by US prosecutors with insider trading, according to a press release published by the Justice Department.

Chastain now faces another count of money laundering and one count of wire fraud.

Last September, it was revealed that they were buying NFTs before they appeared on the homepage of the website, forcing them to resign. His simple plan was revealed by a Twitter user who posted transaction receipts linked to Chastain.

The unscrupulous executive will sell his NFTs to attract as many people as possible after pumping up their price to make significant financial gains.

In some cases, Chastain was able to make profits of up to five times his original investment.

He used anonymous accounts to make his NFT purchases.

Chastain was reportedly asked to leave the company due to harmful allegations. The former executive was silent on the issue, and the controversy was quickly dismissed.

Now, Chastain is on everyone’s lips once again after US prosecutors brought their first NFT-related insider trading case against him.

In a statement, FBI Assistant Director-in-Charge Michael J. Driscoll said the federal law enforcement agency will continue to “aggressively” pursue bad actors chosen to manipulate the market.

Chastain is facing a maximum prison sentence of up to 20 years. He was arrested earlier today in Manhattan, New York.

Earlier this year, Chastain reportedly started working on a new NFT project, despite being pulled out of OpenC due to allegations of insider trading.

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