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OpenSea’s former head of product was today convicted of fraud and money laundering for using inside knowledge of which assets would be featured on the marketplace’s homepage to trade NFTs.
Nathaniel Chastain was accused of buying NFTs he had decided to feature on the OpenSea NFT trading platform. Prosecutors alleged that Chastain then sold them shortly afterward to make more than $50,000 in illegal profit.
The U.S. Department of Justice called the case against Chastain the first insider trading scheme involving digital assets.
This is a breaking story and will be updated.
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