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Saturday, June 14, 2025
Judge Denies Former OpenSea Employee’s Motion
One of the biggest stories in the NFT industry this year is the story of former OpenSea head of product Nate Chastain. Chastain is now facing fraud and money laundering charges, alleging that he used his position on the NFT Marketplace to conduct insider trading of NFTs.
Sadly for Chastain, his motion to dismiss the accusations was dismissed. I was claiming.
while working at high seas, Chastain had the knowledge and influence over which NFTs landed on the front page. By doing this, he was able to pre-purchase collections and turn them over for profit.
While dismissing the motion to dismiss, the judge noted an earlier instance in which a journalist published details of an article to traders that could influence the stock price and subsequently distribute the resulting profits. . Those involved in the scheme have been convicted of wire fraud, and on those grounds the judge will proceed with the charges against Chastain.
However, the judge said the term “insider trading” could be considered misleading and should be removed from the prosecution going forward.
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*All investment/financial opinions expressed by NFT Plaza are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
Tokoni Uti has written extensively on blockchain and cryptocurrencies over the years. Her work has been featured on sites such as BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.
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