Ex-Employee of NFT Marketplace OpenSea Arrested For Insider Trading

NFT

Nathaniel Chastain, 31, is charged with wire fraud and money laundering. He is an employee of OpenSea, the world’s largest marketplace for NFT. Each charge can be imprisoned for twenty years. 

OpenSea is committed to throttling insider trading, says Aaron Carroll. He says the stock market and blockchain are two of the most important topics in the world. Carroll: if you want to be a part of the world’s biggest economy, you need to be part of it. 

NFT sales worldwide hit $37 billion in the first week of May, compared with $40 billion in 2021. OpenSea posted an NFT on July 20, 2021. Aaron Carroll: it is possible that after their appearance on open seas, Mr. Chastain sold them for 2-5 times the amount of his purchase price. 

Carroll says he sold the NFTs for a fraction of the amount he paid for them. ‘Mister Chastain’ pleaded not guilty to fraud. He allegedly conducted these purchases and sales using anonymous digital currency wallets and anonymous accounts. The FBI will continue to crack down on actors who are trying to manipulate the market.

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