Troubles in the world of NFTs. A US court on Wednesday convicted a former product manager at OpenSea, the world’s largest non-fungible token (NFT) marketplace, for fraud and money laundering, reports Reuters. This is the first insider trading case involving digital assets, according to Manhattan federal prosecutors.
Nathaniel Chastain is accused of using the company for his own gain. According to the court, he bought NFTs before presenting them on the OpenSea website and then selling them to make more than $50,000 in illegal profits.
“He abused his status at OpenSea to line his own pockets and he lied to cover his tracks,” prosecutor Thomas Burnett said in his indictment on Monday, quoted by the American press agency.