Connect with us
Active Currencies 14795
Market Cap $2,487,037,106,341.80
Bitcoin Share 51.50%
24h Market Cap Change $1.71

OpenSea insider trading case: The final verdict is ‘guilty’

1min Read

OpenSea’s ex-employee was found guilty in the NFT insider trading case on 3 May 2023. The culprit, who pled not guilty, made at least $50,000 in illegal profit.

Share this article

  • Former OpenSea employee was proven guilty in insder trading case.
  • The ex-employee used confidential knowledge to make profits illegally. 

OpenSea, one of the largest marketplaces for NFTs, was in the limelight again. However, this time around, the news was related to an ex-employee. On 3 May, a former manager at OpenSea was convicted of fraud and money laundering as per a report from Reuters.

The ex-employee managed to launder money by using OpenSea internal information. The culprit knew the projects that would be featured on the marketplace’s home page.

A quick dive into the specifics

The accused, Nathanial Chastain had allegedly bought NFTs that he decided to feature on the OpenSea website. He then sold the NFTs shortly after and made at least $50,000.

Prosecutor Thomas Burnett stated that,

“He abused his status at OpenSea to line his own pockets, and he lied to cover his tracks.”

The case initially began in June 2022 when the charges were brought against Chastain and he pleaded not guilty. Furthermore, the lawyers of the accused argued that he didn’t consider the knowledge of NFTs featured on the home page as confidential.

“You can’t hold Nate to a standard that didn’t exist. Nobody told Nate that he couldn’t use or share that information”, stated Daniel Filor, Chastain’s lawyer.

However, the prosecutor stated that the ex-employee knew what he was doing and did so via an anonymous OpenSea account.


Aashna is a News Editor at AMBCrypto and is particularly interested in the how and what of blockchain technology, along with its vast applications. A flair for the language and her inquisitive nature are factors that spike her interest in the cryptocurrency space.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.