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.
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.
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.
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