Nathaniel Chastain, former head of product for OpenSea Markets, was convicted Wednesday. In a trial focused on insider trading of NFTs, according to Reuters.
Chastain was right.sueon charges of electronic fraud and money laundering in June last year. and did not confess He was accused in 2021 of using a crypto wallet to buy NFTs before being listed on the OpenSea homepage.
Chastain purchased 45 NFTs through an anonymous Hot Wallet and an anonymous OpenSea account, then sold them for a profit shortly thereafter. He bought those NFTs shortly before they were listed on the page. opensea market first and sell them for profit after that which as a product manager He has the right to choose which NFT to present, giving him direct access to insider information he creates himself.
Chastain’s legal team has made previous attempts to obtain dismissal or withdrawal of the lawsuit. but was unsuccessful.
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