The U.S. Department of Justice charged Nathaniel Chastain, a former product manager at the NFT marketplace, with one count of wire fraud and one count of money laundering, each of which carries a maximum prison sentence of 20 years. (The Logic)
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The U.S. Department of Justice charged Nathaniel Chastain, a former product manager at the NFT marketplace, with one count of wire fraud and one count of money laundering, each of which carries a maximum prison sentence of 20 years. (The Logic)
Talking point: This is the first time U.S. officials have ever brought charges in an insider-trading scheme involving digital assets, according to the DOJ. Officials allege that Chastain used confidential knowledge about which NFTs would be featured on OpenSea’s homepage to reap illicit gains for himself. According to the DOJ, Chastain purchased the NFTs prior to the homepage listings and sold them once the increased attention led to a spike in their value. The case underscores how law enforcement agencies are applying longstanding laws to a new asset class. “NFTs might be new, but this type of criminal scheme is not,” said Damian Williams, the U.S. attorney for the Southern District of New York.
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