{"id":456240,"date":"2022-06-01T22:45:00","date_gmt":"2022-06-01T19:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/former-product-manager-at-opensea-charged-with-insider-trading\/"},"modified":"2022-06-01T22:45:00","modified_gmt":"2022-06-01T19:45:00","slug":"former-product-manager-at-opensea-charged-with-insider-trading","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/former-product-manager-at-opensea-charged-with-insider-trading\/","title":{"rendered":"# Former product manager at OpenSea charged with insider trading"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a393d018c7b9\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a393d018c7b9\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/former-product-manager-at-opensea-charged-with-insider-trading\/#%E2%80%9D_Former_product_manager_at_OpenSea_charged_with_insider_trading_%E2%80%9C\" >&#8221; Former product manager at OpenSea charged with insider trading  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Former_product_manager_at_OpenSea_charged_with_insider_trading_%E2%80%9C\"><\/span>&#8221; Former product manager at OpenSea charged with insider trading  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvNDQzMzQ3ZWItZWE2NC00MDYxLWFmNTUtNDllY2RjNGM5NTJjLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>On June 1, United States prosecutors in Manhattan charged Nathaniel Chastain, 31, with insider trading. Chastain was a former product manager at OpenSea, the largest nonfungible token (NFT) marketplace. This will be the first case of its kind regarding digital assets and traditional criminal investigations.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Former employee of NFT marketplace charged in first ever digital asset insider trading scheme<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Q8C8btS743\">https:\/\/t.co\/Q8C8btS743<\/a><\/p>\n<p>\u2014 US Attorney SDNY (@SDNY<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SDNYnews\/status\/1532046051162603520?ref_src=twsrc%5Etfw\">June 1, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nProsecutors <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/opensea-employee-charged-with-insider-trading-nfts-2022-06-01\/\">claim<\/a> that Chastain bought 45 NFTs through anonymous hot wallets and anonymous accounts on OpenSea and then sold them for a profit shortly after. He allegedly bought them shortly before they were featured on the OpenSea marketplace homepage and sold them for a profit right after. As the product manager, it would be in his power to choose which NFTs were featured, giving him direct access to the insider information that he himself created. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>What is front-running in crypto and NFT trading?<\/em><\/strong><\/p>\n<p>Included in the claim of 11 separate trades was the NFT called &#8220;Spectrum of a Ramenfication Theory&#8221; on Sept. 14, 2021, which would have been sold the next morning for almost four times the buying price. <\/p>\n<p>U.S. Attorney Damian Williams commented on his office\u2019s commitment to follow up on insider trading in all of its forms. Chastain was charged with money laundering as well as wire fraud. Both charges carry a maximum 20-year prison sentence. <\/p>\n<p>OpenSea claims to have previously learned about Chastain\u2019s activities, opened up an investigation, and asked him to leave when it was clear that he violated company policy. Soon after, Chastain quit voluntarily and began <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/fortune.com\/2022\/06\/01\/doj-digital-asset-charges-ex-opensea-exec-nft-marketplace-insider-trading\/\">working<\/a> on his own project, Oval.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Hey <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/opensea?ref_src=twsrc%5Etfw\">@opensea<\/a> why does it <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/natechastain?ref_src=twsrc%5Etfw\">@natechastain<\/a> has a few secret wallets that appears to buy your front page drops before they are listed, then sells them shortly after the front-page-hype spike for profits, and then tumbles them back to his main wallet with his punk on it?<\/p>\n<p>\u2014 0xZuwu.eth  (@0xZuwu) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/0xZuwu\/status\/1437921263394115584?ref_src=twsrc%5Etfw\">September 14, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Recently, Coinbase CEO Brian Armstrong responded to similar allegations of insider trading. The individuals involved could have been either connected to Coinbase or employees. Although Armstrong did not confirm any disciplinary actions or criminal charges toward his employees, he did say that Coinbase was planning to revise its listing process soon to prevent it from happening. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/former-product-manager-at-opensea-charged-with-insider-trading\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Former product manager at OpenSea charged with insider trading &#8220; On June 1, United States prosecutors in Manhattan charged Nathaniel Chastain, 31, with insider trading. Chastain was a former product manager at OpenSea, the largest nonfungible token (NFT) marketplace. This will be the first case of its kind regarding digital assets and traditional criminal&#8230;<\/p>\n","protected":false},"author":1,"featured_media":456241,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvNDQzMzQ3ZWItZWE2NC00MDYxLWFmNTUtNDllY2RjNGM5NTJjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[117,71433,86389,67874],"class_list":["post-456240","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-business","tag-court","tag-marketplace","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/456240","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=456240"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/456240\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/456241"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=456240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=456240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=456240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}