First Ever - NFT Insider Trading Case Filed in New York Court

June 1 2022 | Southern District New York Court ...............A former employee of OPEN SEA NFT Marketplace is now Charged In the First Ever Digital Asset Insider Trading Scheme. The Defendant Allegedly Traded on Inside Information About NFTs That Were Scheduled to be Featured on The Homepage of The OPEN SEA Marketplace. Damian Williams, the United States Attorney for the Southern District of New York, and Michael J. Driscoll, Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced today the unsealing of an Indictment charging NATHANIEL CHASTAIN, a former product manager at Ozone Networks, Inc. d/b/a OpenSea (“OpenSea”), with wire fraud and money laundering in connection with a scheme to commit insider trading in Non-Fungible Tokens, or “NFTs,” by using confidential information about what NFTs were going to be featured on OpenSea’s homepage for his personal financial gain. CHASTAIN was arrested this morning in New York, New York and will be presented today in the United States District Court for the Southern District of New York.

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