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, 32, 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. 

Insider trading is using confidential information to one’s benefit in order to make lucrative trades. 

OpenSea, at the time of Chastain’s arrest, was the largest NFT marketplace. Users can buy, sell or mint unique digital tokens linked to content, such as art or music, providing proof of ownership.

Over $4.5 million in trades took place over the past 24 hours on OpenSea, according to DappRadar data today. 

Chastain was the head of product at the website and was responsible for deciding which NFTs would be featured on the exchange’s homepage. 

But last June, the DOJ and FBI arrested and charged him with wire fraud and money laundering, accusing him of making trades u

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Author: Mathew Di Salvo

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