NewsletterBreaking: OpenSea Ex-manager Convicted Of Money Laundering In NFT Insider Trading
Crypto News: The first ever trial involving insider trading of non-fungible tokens (NFTs) finally met its fate on Wednesday. The former executive of OpenSea, the world’s largest marketplace for trading NFTs announced convicted for fraud and Money laundering by the court.
Also Read: Coinbase Legal Head Meets Ripple Chief Legal Officer; Will Coinbase Relist XRP?
OpenSea Ex-Manager Made 50K Illegally
As per the report, Nathaniel Chastain, the convicted former OpenSea product manager used inside knowledge of which digital arts would be issued on the front page for trading. Prosecutors stated that Ex OpenSea employe used to buy NFTs before featuring them on the website and sold them shortly. However, made more than $50,000 in illegal profits.
The report added that the prosecutor in its closing argument stated that Opensea’s former product manager abused his status at the marketplace to line his own pockets and later on he went to lie to cover his tracks.
Prosecutors mentioned that Chastain was using multiple anonymous OpenSea accounts in order to make illegal trades. This depicts that he already knew what wrong he was doing. Read More Crypto News Here…
Meanwhile, Chastain lawyers argued that OpenSea did not treat details and knowledge related to digital assets to be featured on the home page as confidential information when he used to work there.
Also Read: Every Friday One US Bank Collapses; Who’s Next On The Bank Run?
Legal experts suggest that the outcome of the first ever NFT insider case holds broader implications for digital assets which find it hard to fit into existing laws.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Eric Trump Says Now Is a Great Time to Buy Bitcoin Amid Crypto Crash
- Dogecoin, Cardano, Shiba Inu Eye Wider Adoption as Coinbase Announces Perpetual-Style Futures
- Solana News: SOL’s Supply Could Drop Twice as Fast as Disinflation Proposal Goes Live
- Trump Tariffs: White House Prepares Plan B as Crypto Market Awaits Supreme Court Ruling
- Michael Saylor’s Strategy Hints It Will Keep Buying Bitcoin, Citing 2022 Bear Market Playbook
- WLFI Price Soars 17%: What’s Fueling the Surge?
- Dogecoin Price Eyes $0.2 Rally Ahead of Grayscale’s NYSE ETF Debut on November 24
- Crypto Market Eyes Major Rebound as Fed Rate Cut Chances Rise to 71%
- Dogecoin Price Finds Support: Can the 21Shares & Grayscale DOGE ETFs Spark a Surge?
- Will Solana Price Crash Under $100 as Crypto Market Signals Further Downside?
- Ethereum price Drops Below $2,700 as US Jobs Data Hits Rate-Cut Hopes
