Going by sources, Nathaniel Chastain was accused of money laundering and wire fraud
As per reports, on April 24, 2023, the first hearing against Nathaniel Chastain, ex-product manager, OpenSea, was held in the Southern district court of New York, stated Cointelegraph. Reportedly he was held guilty of internal trading of non-fungible tokens (NFTs).
Sources revealed that on May 31, 2022, the United States Manhattan Attorney’s Office charges were filed against Chastain. It is believed that the charges were money laundering and wire fraud, added Cointelegraph.
As reported by Cointelegraph, the term “insider trading” was not connected to cryptocurrencies or non-fungible tokens (NFTs) before this Chastain incident. It is expected that the result of the trial, can create an impact on the legal classification of non-fungible tokens (NFTs) and the trial could last for several weeks, Cointelegraph highlighted.
Furthermore, last year Alma Angotti, ex-U.S. Securities and Exchange Commission lawyer had stated that the case of “insider trading” might mark NFTs as securities after going through the Howey test, Cointelegraph concluded.
Source:indianexpress.com