Ape traders, beware.
45 token purchases on 11 different occasions
While employed at OpenSea, Chastain was responsible for deciding which NFT collections would be featured on OpenSea’s front page, a distinction that typically made the collections skyrocket in value.describes a pattern of 45 token purchases on 11 different occasions. In each case, Chastain purchased NFTs shortly before they featured on OpenSea’s homepage, sometimes only a matter of minutes before.
“NFTs might be new, but this type of criminal scheme is not,” said US Attorney for the Southern District of New York Damian Williams 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.” As part of the indictment, Chastain is required to forfeit any money that can be traced to the proceeds of the scheme.
The investigation was led by the FBI’s National Cryptocurrency Enforcement Team , apparently without the involvement of the Securities and Exchange Commission, which typically takes the lead on insider trading cases. The SEC
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