Former OpenSea Product Manager Arrested and Charged in Alleged NFT Insider Trading Scheme

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Image: Justin Tallis (Getty Images)

Watch out intrepid web3 entrepreneurs, the feds are cracking down on insider trading. Former OpenSea product manager Nate Chastain was arrested by the FBI early Wednesday morning in New York City and charged with wire fraud and money laundering in connection with an elaborate NFT insider trading scheme. In a press release, The Department of Justice claims Chastain used his advanced, confidential knowledge about which NFTs would be featured on OpenSea’s platform to secretly buy them and then sell them for up to five times their original value.