Former OpenSea Product Manager Charged in Insider Trading Scandal!

Nathaniel Chastain, a former product manager of non-fungible token (NFT) platform OpenSea, has been charged with wire fraud and money laundering. He is suspected of utilizing hidden wallets to buy NFTs based on proprietary information that will shortly appear on OpenSea's main page. He sold these artworks for two to five times their original buying price between June and September 2021. Nathaniel Chastain was detained in New York, New York, on Wednesday morning. According to a press statement issued by the Department of Justice on Wednesday, he will be presented in the US District Court for the Southern District of New York. Michael J. Driscoll, Assistant Director-in-Charge of the FBI, stated that the bureau "will continue to aggressively pursue actors who choose to manipulate the market in this way.”