Former OpenSea Product Manager Nathaniel Chastain Resigned person After it was revealed that he was Sell NFTs with privileged informationWas charged with wire fraud and money laundering. The Ministry of Justice announced today.. Authorities said this was the first insider trading case involving digital assets. It was initially unclear if anything would happen to Chastain after Chastain resigned. NFT sales are not regulated.. His plan wasn’t completely groundbreaking. He knew which NFTs would appear on the OpenSea homepage, so he secretly bought and sold them and made huge profits.
“NFTs may be new, but this type of crime plan is not,” US lawyer Damian Williams said in a statement. Today’s rates show this office’s commitment to eliminate insider trading, whether it occurs on the stock market or on the blockchain. “
Michael J. Driscoll, FBI Assistant Director, added that he “actively tracks” people who try to manipulate the NFT market using the “old scheme” of insider trading. It can take some time before we see real regulations on digital currencies and NFTs, but it’s clear that government agencies aren’t wasting time before cracking down on malicious people.
Shortly after Chastain’s actions were revealed, OpenSea blamed him, saying, “This actions do not represent our values as a team.” In particular, the company, the world’s largest NFT market, also states that it prohibits employees from buying or selling NFTs from featured collections or using sensitive information elsewhere.
