Judge Sends OpenSea Employee To Prison For NFT Insider Trading
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 […]
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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....
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 […]
After an insider trading incident, a court has charged the former head of product at NFT marketplace OpenSea with wire fraud and money laundering. OpenSea Employee Charged With Insider Trading Nathaniel Chastain was detained in New York City on Wednesday morning. According to a press release issued by the Department of Justice on Wednesday, he […]
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....
The charges are related to digital collectibles bought and sold on the NFT marketplace in September 2021. On June 1, United States prosecutors in Manhattan charged Nathaniel Chastain, 31, with insider trading. Chastain was a former product manager at OpenSea, the largest nonfungible token (NFT) marketplace. This will be the first case of its kind regarding digital assets and traditional criminal investigations. Former employee of NFT marketplace charged in first ever digital asset insider trading schemehttps://t.co/Q8C8btS743— US Attorney SDNY (@SDNYnews) June 1, 2022 Prosecutors....