El DoJ accuses the former product manager of OpenSea to buy NFT non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility. at low cost before they were officially released for sale on the platform, which is an offence under existing laws.
- Nathanial Chastain, ex jefe de productos de OpenSea, will have to face the charges against him.
- He is accused of insider trading and acquiring NFT at low cost.
- The community denounced it at the time and OpenSea publicly apologized.
- Chastain faces a maximum sentence of 20 years in prison.
El U.S. Department of Justice (DoJ) filed an indictment on Wednesday against Nathanial (Nate) Chastain, who operated as a former product manager for OpenSea, who is accused of insider trading and insider trading to acquire digital digital technologies are these electronic tools that have the ability to generate, store or even process data. collectibles at low cost.
Former member of OpenSea will face legal charges in the U.S.
This was revealed by the DoJ in a document published through its website, which indicates that Chastain used her privileged position to purchase dozens of NFT before these were officially released for sale through OpenSea. He subsequently sold them at higher prices and capitalized on gains gains refer to an increase in value or profit. ranging from 200% to 600% over the original purchase price.
In relation to the modus operandi, the DoJ detailed that Chastain made use of anonymous anonymity is when something is not known or named. accounts and external wallets to carry out the commercial operations, with which he managed to get his hands on as much as 45 NFT of well-known collections between June and September last year 2021. The actions of the former product manager of OpenSea incur in outright crimes punishable by the laws in force.
Regarding the charges against and trade in the digital collectibles, the federal prosecutor in charge of the case, Damian Williams, indicated that “while NFTs non-fungible token, a unique non-interchangeable piece of digital content that is stored on a distributed ledger (blockchain). may be something new, these types of criminal acts are not.” . Thus, he said, Chastain was insider trading for his own benefit, which would carry the same legal weight if it occurred in the stock market an area or arena, online or offline, in which commercial dealings are conducted. or within the industry. Blockchain.
The community denounced Chastain at the time.
Let’s keep in mind that Chastain’s actions were denounced by the community of users and followers in September 2021, for which they presented evidence about the transactions that the team member made while he lent work for OpenSea.
The controversy escalated to the point that the team of OpenSea confirmed the allegations made by Twitter, which led to Chastain’s resignation and a public apology from the platform’s staff, who said in a statement the following:
“Yesterday we learned that one of our employees purchased items that he knew were set to be available on our home page before they appeared there publicly. This is incredibly disappointing. We want to make it clear that this behavior does not represent our values as a team. We are taking this very seriously and are conducting an immediate and thorough review of this incident to gain a better understanding of the facts, as well as to establish what actions we should take.”
“I just wanted to get one of these before they all disappeared tbh.”
El caso sigue su curso
The case is currently being handled by the Securities and Commodities Fraud Task Force, this with the help of the National Cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. Compliance Team.
According to the DoJ, The charges for which Chastain has been indicted carry a maximum penalty of 20 years in prison.
- OpenSea warns about phishing when a scammer pretends to be a trusted institution or person to trick people into revealing sensitive information such as Social Security numbers, passwords, banking details, etc., often through a malware link disguised as legitimate. attack through its official group on Discord discord is a web-based communication tool or application primarily built to enable communication between gamers.
- OpenSea officially announces that it will integrate support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. for the Solana network a network refers to all nodes in the operation of a blockchain at any given moment in time. from April onwards
- Mintable recovers three NFTs stolen from OpenSea and announces to return them to their owners
Version by Angel Di Matteo / DiarioBitcoin
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