Jury convicts former OpenSea manager in NFT-insider trading case
Prosecutors claimed Nathaniel Chastain profited from inside information as to which NFTs would be featured on the marketplace. The former OpenSea manager who was accused of insider trading of NFTs has been convicted on May 3 of wire fraud and money laundering in a New York federal court, according to a report from Reuters. According to prosecutors, Nathaniel Chastain, a former Product Manager at OpenSea, was in charge of choosing which NFTs would be featured on the website’s non-fungible token (NFT) marketplace. After making these decisions, he frequently purchased these NFTs and then resold them after they had been featured, prosecutors said. He was charged with wire Fraud and money laundering on June 1 in connection with these alleged transactions. OpenSea's home page displaying featured NFTs. Source: OpenSea The trial began on April 24 and has been watched closely by lawyers specializing in crypto-related issues. Some legal experts have argued that the outcome of the case may ...