Nathaniel Chastain, former product manager at leading non-fungible token marketplace OpenSea, has been charged with insider trading by U.S. prosecutors, according to a press release published by the Department of Justice.
Chastain is now facing one count of money laundering and one count of wire fraud.
Last September, he was forced to resign after it turned out that he was buying NFTs before they would appear on the website’s homepage. His ingenious scheme was exposed by a Twitter user who posted transaction receipts tied to Chastain.
The unscrupulous executive would sell his NFTs right to make significant financial gains after pumping their price by attracting more eyeballs.
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NFT
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