OpenSea Under Fire After Admitting Employee “Insider Trading” On NFTs
Peer-to-peer NFTs and collectibles marketplace OpenSea is feeling the heat after admitting insider trading. It follows that an employee abused their position to front-run the purchase of NFTs before they were promoted on the website’s homepage. OpenSea users have voiced their displeasure, accusing the platform of allowing “insider trader.” But with no specific NFTs legislation […]
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Federal prosecutors have argued against a claim made by the former OpenSea product manager that the term “insider trading” is “inflammatory.” United States prosecutors have opposed a motion by a former employee of nonfungible token (NFT) marketplace OpenSea to remove “insider trading” references from his charges.Prosecutors said the phrase accurately describes the crimes the former OpenSea product manager Nathaniel Chastain is accused of in a memo filed on Oct. 14. It was responding to a motion by Chastain to stop referring to the phrase on Oct. 3, according to Law360.Chastain was charged....
Former SEC lawyer says OpenSea insider trading case could end with NFTs labeled as securities Former Securities and Exchange Commission lawyer Alma Angotti says this week’s news about an OpenSea employee being charged with insider trading could open the doors to non-fungible tokens being labeled as securities. On Wednesday, in a first for the industry, prosecutors in Manhattan charged former OpenSea product manager Nathaniel Chastain with insider trading. The U.S. Attorney’s Office for the Southern District of New York said the exact charges were “wire fraud and money laundering in....
The first case of NFT insider trading has come to a close as a US Judge has sentenced a former OpenSea employee to prison. OpenSea Head Of Products Arrested For Fraud Nathaniel Chastain, former Head of Products of OpenSea, the world’s largest non-fungible token (NFT) marketplace, has been condemned to three months in prison. The […]
The U.S. Department of Justice (DOJ) has indicted an employee of non-fungible token (NFT) marketplace Opensea in what the department called the “first-ever digital asset insider trading scheme.”
DOJ Indicts Former Opensea Product Manager
The DOJ announced Wednesday the unsealing of an indictment charging Nathaniel Chastain, a former product manager at Ozone Networks Inc. (aka Opensea), in its “first-ever digital asset insider trading scheme.” Chastain was arrested Wednesday morning in New York.
The Justice Department explained that from....
On September 15, the top non-fungible token (NFT) marketplace, Opensea, revealed that an Opensea executive profited from insider trading. “Yesterday we learned that one of our employees purchased items that they knew were set to display on our front page before they appeared there publicly,” Opensea informed the public on Wednesday. Opensea did not name the employee, but social media posts accused an Opensea executive of using “secret wallets” on Tuesday. Opensea Team Says NFT Market Operators Are ‘Incredibly Disappointed’ Opensea is the leading....