OpenSea's ex-employee was found guilty in the NFT insider trading case on 3 May 2023. The culprit, who pled not guilty, made at least $50,000 in illegal profit.
The ex-employee used confidential knowledge to make profits illegally.
OpenSea, one of the largest marketplaces for NFTs, was in the limelight again. However, this time around, the news was related to an ex-employee. On 3 May, a former manager at OpenSea was convicted of fraud and money laundering as per a report fromNathaniel Chastain, the former product manager at OpenSea, was convicted on Wednesday of fraud and money laundering for using inside knowledge of which assets would be featured on its home page to trade NFTs. Reuters reported.
The case initially began in June 2022 when the charges were brought against Chastain and he pleaded not guilty. Furthermore, the lawyers of the accused argued that he didn’t consider the knowledge of NFTs featured on the home page as confidential. “You can’t hold Nate to a standard that didn’t exist. Nobody told Nate that he couldn’t use or share that information”, stated Daniel Filor, Chastain’s lawyer.
However, the prosecutor stated that the ex-employee knew what he was doing and did so via an anonymous OpenSea account.
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