A former product manager at an online marketplace was arrested Wednesday in what federal authorities called the first ever digital asset insider trading scheme involving NFTs.
Michael J. Driscoll, head of New York’s FBI office, said Chastain used his knowledge of confidential information to buy dozens of NFTs in advance of them being featured on OpenSea’s homepage. OpenSea is the largest online marketplace for the purchase and sale of NFTs, authorities noted.
Driscoll said the emergence of any new investment tool such as “blockchain supported non-fungible tokens” will lead some to exploit its vulnerabilities for illegal profits. “NFTs might be new, but this type of criminal scheme is not,” Williams said. “Nathaniel Chastain betrayed OpenSea by using its confidential business information to make money for himself. Today’s charges demonstrate the commitment of this Office to stamping out insider trading — whether it occurs on the stock market or the blockchain.”
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How Female Creators Can Encourage More Women To Invest In NFTsWomen are still largely underrepresented in the NFT world as both creators and investors but as research shows, the more there are, the more will come. Here, three experts share their insights and advise on how female artists can encourage more women to buy in.
Read more »
Trending Sport NFTs: A Look at Legendary Colombian Soccer Player James Rodríguez’s 1500 NFTs Launch on ZKSea – Sponsored Bitcoin NewsColombian soccer superstar James David Rodríguez Rubio has announced his partnership with ZKSpace to launch the James Rodríguez Commemorative Edition
Read more »
Polestar Could Have Minted NFTs But Opted For Paper Sketches Instead Under New Referral Scheme | CarscoopsPolestar thought about minting NFTs for customers who recommend their cars but decided against it on environmental grounds
Read more »
DeFi crypto wallet aims to decentralize inheritance of crypto and NFTsA potential solution for inheritance concerns? Crypto software provider KIROBO5 is moving to tackle a void in the DeFi industry by providing crypto investors with an opportunity to pass private keys or transfer funds according to their last will.
Read more »
Prada becomes the latest fashion brand to launch NFTsLuxury fashion brand Prada is launching NFTs, available for free to those who purchase items from its Timecapsule initiative.
Read more »
Former OpenSea Product Manager Arrested and Charged in Alleged NFT Insider Trading SchemeThe indictment claims the former manager used his advanced knowledge of which NFT's would be featured on OpenSea's platform to turn a profit.
Read more »