Federal prosecutors have charged a product manager at Flatiron-based OpenSea with insider trading, the first such case involving non-fungible tokens.
Nathaniel Chastain, 31, was charged with using confidential information about which NFTs would be featured on OpenSea for his own personal gain, according to an indictment unsealed Wednesday by the U.S. attorney’s office in Manhattan.
“NFTs might be new, but this type of criminal scheme is not,” U.S. Attorney Damian Williams said in a statement. “Today’s charges demonstrate the commitment of this office to stamping out insider trading—whether it occurs on the stock market or the blockchain.”
NFTs are essentially receipts that confirm ownership of a digital
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