A former product manager at OpenSea, the world's largest marketplace for non-fungible tokens (NFTs), was convicted on Wednesday of fraud and money laundering for using inside knowledge of which assets would be featured on its home page to trade NFTs.
Nathaniel Chastain was accused of buying NFTs he had decided to feature on the OpenSea website and selling them shortly afterward to make more than $50,000 in illegal profit, in what federal prosecutors in Manhattan described as the first insider trading case involving digital assets.
The charges against Chastain, announced last June, were the first in a series of high-profile cases related to digital assets launched by the U.S. Attorney's office in Manhattan last year. Chastain had pleaded not guilty. His lawyers argued that OpenSea did not treat knowledge of what NFTs would be featured on its home page as confidential information when Chastain worked at the company.
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