The Department of Justice has charged Nathaniel Chastain, a former product manager at the NFT marketplace OpenSea, with criminal insider trading, the government said Wednesday.
NFTs, or non-fungible tokens, are a type of cryptocurrency asset that typically confers ownership of digital files like artwork on a particular blockchain, though this ownership is not usually endorsed by the legal system.
“NFTs might be new, but this type of criminal scheme is not,” said U.S. Attorney Damian Williams in a statement. “As alleged, Nathaniel Chastain betrayed OpenSea by using its confidential business information to make money for himself. Today’s charges demonstrate the commitment of this Office to stamping out insider trading — whether it occurs on the stock market or the blockchain.”
Chastain is being charged with one count of wire fraud and one count of money laundering, with each carrying a maximum sentence of 20 years in prison.
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