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OpenSea's head of product faces 40 years for NFT insider trading

2022-06-02 00:00:00

Nathaniel Chastain (31), a former product manager at OpenSea, the largest online NFT market, was arrested and charged with insider trading. The Department of Justice described his alleged offense as a "Digital Asset Insider Trading Scheme."

During his time at OpenSea, Chastain allegedly used confidential business information to buy NFTs in advance of them being added to the marketplace's front page. He was able to make a profit by selling the items after the NFTs were promoted on OpenSea's front page, according to the DOJ press release.

He's charged with wire fraud and money laundering, each of which is punishable by up to 20 years in prison.

From the DOJ release:
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[1] URL: https://boingboing.net/2022/06/02/openseas-head-of-product-faces-40-years-for-nft-insider-trading.html
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