Former OpenSea Manager Found Guilty of Insider Trading
Nathaniel Chastain, former CEO of NFT marketplace OpenSea, has been found guilty of insider trading.
Reuters reported the news on June 1, 2022, after Chastain was arrested on suspicion of wire fraud and money laundering.
He pleaded not guilty, but the prosecutor stated that “he abused his status at OpenSea to line his own pockets and lied to cover his tracks.”
The authorities believe Chastain used anonymous accounts to buy NFTs, selling them on the OpenSea website for more than $50,000.
His legal team unsuccessfully attempted to have the case dismissed or the fraud charges dropped.
This is not the first time that a former banker has been accused of fraud with digital assets. In April, Rashawn Russell, a former broker of JPMorgan and Deutsche Bank, was arrested in New York on the same charges.
