A former employee of the leading NFT marketplace has officially been charged with insider trading in a landmark NFT case by the U.S. Department of Justice.
What Happened: The U.S. Department of Justice filed charges against Nathaniel Chastain Wednesday. Chastain is a former product manager at OpenSea, a leading non-fungible token marketplace.
The allegations state Chastain traded Ethereum (CRYPTO: ETH)-based NFTs on inside information of what NFTs would be featured on the homepage of OpenSea. Chastain was tasked with selecting which NFTs would be featured on the homepage, giving him direct knowledge of which projects would later appear on the site.
The floor price of projects on the homepage typically rose, increasing the value of purchases linked to Chastain.
Official charges against Chastain include …
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