OpenSea employee charged with insider trading in NFTs

New York: US prosecutors in Manhattan on Wednesday unveiled an indictment accusing a product manager at OpenSea, the largest online marketplace for non-fungible tokens, of insider trading.

Nathaniel Chastain was accused of secretly buying 45 NFTs based on confidential information that they would soon be featured on OpenSea’s home page, and later selling them at a profit, typically two to five times what he paid.

According to an indictment filed in Manhattan federal court, the scheme ran from June to September 2021, and Chastain transacted through anonymous digital currency wallets and accounts at OpenSea.

Chastain was charged with wire fraud and money laundering. A lawyer for him could not immediately be identified. OpenSea and the U.S. Attorney’s office in Manhattan did not immediately respond to requests for comment.

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