Former OpenSea product manager Nathaniel Chastain has been charged with one count of wire fraud and one count of money laundering for perpetrating an insider trading scheme where he would use insider information to buy NFTs that were to be listed on OpenSea's homepage.
insider trading case. During the hearing on 24 April, prosecutors from the Office of the U.S. Attorneys for the Southern District made their case against Nathaniel Chastain.
Expanding on the former, prosecutors alleged that the former employee used confidential business information to make a profit. He used knowledge related to the NFTs that were to be featured on OpenSea’s homepage. Furthermore, the accused also secretly purchased dozens of NFTs shortly before they were featured.
The prosecution cited specific examples of misconduct, such as Chastain allegedly purchasing four NFTs, “The Brawl 2,” minutes before they were featured on OpenSea and then selling them within hours for a profit. Chastain argued that “insider trading” only applies to securities and not NFTs. However, prosecutors noted that the term can refer to multiple types of fraud where someone with non-public knowledge uses it to trade assets.
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