A former employee at the NFT marketplace OpenSea was ordered to spend three months behind bars after being convicted in the first-ever insider-trading case involving digital assets.
was ordered to spend three months behind bars after being convicted in the first-ever insider-trading case involving digital assets.
Prosecutors said he bought dozens of NFTs before they were highlighted, and sold them immediately afterwards for as much as five times what he paid, making more than $57,000 at the time. But Chastain was charged with wire fraud – accused of misappropriating confidential business information. Chastain, meanwhile, had also argued that he was not guilty of wire fraud because the NFTs were not securities or commodities.
“There were some ambiguities at OpenSea at the time, it was a fairly new company,” Furman said, but Chastain’s reaction when he was first confronted by executives at the company “makes it abundantly clear he knew what he was doing and he took advantage of an opportunity.”
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