{"id":456579,"date":"2022-06-01T21:51:53","date_gmt":"2022-06-01T18:51:53","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/opensea-ex-employee-charged-in-first-nft-insider-trading-case\/"},"modified":"2022-06-01T21:51:53","modified_gmt":"2022-06-01T18:51:53","slug":"opensea-ex-employee-charged-in-first-nft-insider-trading-case","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/opensea-ex-employee-charged-in-first-nft-insider-trading-case\/","title":{"rendered":"#OpenSea ex-employee charged in first NFT insider trading case"},"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-6a358ae453bc3\" 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-6a358ae453bc3\" 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\/opensea-ex-employee-charged-in-first-nft-insider-trading-case\/#%E2%80%9COpenSea_ex-employee_charged_in_first_NFT_insider_trading_case%E2%80%9D\" >&#8220;OpenSea ex-employee charged in first NFT insider trading case&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9COpenSea_ex-employee_charged_in_first_NFT_insider_trading_case%E2%80%9D\"><\/span>&#8220;OpenSea ex-employee charged in first NFT insider trading case&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>US prosecutors in Manhattan on Wednesday\u00a0charged\u00a0a\u00a0former\u00a0product manager at\u00a0OpenSea, the largest online marketplace for non-fungible tokens,\u00a0with\u00a0insider trading,\u00a0the first such case involving digital assets.<\/p>\n<p>Nathaniel Chastain,\u00a031, of Manhattan,\u00a0was accused of secretly buying 45 NFTs\u00a0on 11 separate occasions based\u00a0on confidential information that the\u00a0tokens, or others by the same creator,\u00a0would soon be featured on\u00a0OpenSea\u2019s home page.<\/p>\n<p>Prosecutors said Chastain sold his NFTs at a profit shortly after they were featured, typically two to five times what he paid.<\/p>\n<p>They said that in one instance, Chastain more than quadrupled his money by purchasing the NFT \u201cSpectrum of a Ramenfication Theory\u201d on Sept. 14, 2021, and selling it early the next morning shortly after it was featured.<\/p>\n<p>Prosecutors said the\u00a0scheme ran from June to September 2021,\u00a0when Chastain was responsible for selecting which NFTs would be featured, and that he\u00a0transacted through anonymous digital currency wallets and accounts at\u00a0OpenSea.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/opensea-95.jpg?w=1024\" alt=\"OpenSea logo \" class=\"wp-image-22491790\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/opensea-95.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/opensea-95.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/opensea-95.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Prosecutors said the scheme ran from June to September 2021, when Chastain was responsible for selecting which NFTs would be featured.<\/figcaption><figcaption><span class=\"credit\">NurPhoto via Getty Images<\/span><\/figcaption><\/figure>\n<p>\u201cNFTs might be new, but this type of criminal scheme is not,\u201d US Attorney Damian Williams in Manhattan said in a statement. \u201cToday\u2019s charges demonstrate the commitment of this office to stamping out insider trading \u2014 whether it occurs on the stock market or the blockchain.\u201d<\/p>\n<p>Chastain was charged with wire fraud and money laundering,\u00a0each carrying a maximum 20-year prison term. A lawyer for\u00a0Chastain\u00a0could not im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely be identified.<\/p>\n<p>\u201cWhen we learned of Nate\u2019s behavior, we initiated an investigation and ultimately asked him to leave the company,\u201d\u00a0OpenSea\u00a0said in a statement. \u201cHis behavior was in violation of our employee policies and in direct conflict with our core values and principles.\u201d\n                        <\/p><\/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><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/06\/01\/opensea-ex-employee-charged-in-first-nft-insider-trading-case\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;OpenSea ex-employee charged in first NFT insider trading case&#8221; US prosecutors in Manhattan on Wednesday\u00a0charged\u00a0a\u00a0former\u00a0product manager at\u00a0OpenSea, the largest online marketplace for non-fungible tokens,\u00a0with\u00a0insider trading,\u00a0the first such case involving digital assets. Nathaniel Chastain,\u00a031, of Manhattan,\u00a0was accused of secretly buying 45 NFTs\u00a0on 11 separate occasions based\u00a0on confidential information that the\u00a0tokens, or others by the same creator,\u00a0would&#8230;<\/p>\n","protected":false},"author":1,"featured_media":456580,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/opensea-94.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[95118,129804,4998,89888],"class_list":["post-456579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-nft","tag-6-1-22","tag-crime","tag-insider-trading"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/456579","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=456579"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/456579\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/456580"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=456579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=456579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=456579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}