The indictment claims the former manager used his advanced knowledge of which NFT's would be featured on OpenSea's platform to turn a profit.
“In this case, as alleged, Chastain launched an age-old scheme to commit insider trading by using his knowledge of confidential information to purchase dozens of NFTs in advance of them being featured on OpenSea’s homepage,” FBI Assistant Director-in-Charge Michael J. Driscoll wrote.
According to the DOJ, Chastain’s role at OpenSea involved selecting NFTs that would be featured on the company’s homepage. Armed with the knowledge of which NFTs would pop, Chastain then allegedly used several anonymous crypto wallets to purchase the NFTs and sell them for a quick buck. Chastain’s scheme allegedly occurred between June and September ofive times“NFTs might be new, but this type of criminal scheme is not,” U.S. Attorney Damian Williams said. “As alleged, Nathaniel Chastain betrayed OpenSea by using its confidential business information to make money for himself.
In an email to Gizmodo, an OpenSea spokesperson said the company condemned Chastain’s action and terminated his employment following an investigation.
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