Source: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A6956042848521650176
U.S. charges #OpenSea ex-employee in #first #NFT #insider #trading case: U.S. prosecutors in Manhattan on Wednesday charged a former product manager at OpenSea, the largest #online #marketplace for #nonfungibletokens, with #insidertrading, the #first such #case involving #digital #assets. The former product manager was accused of secretly buying 45 #NFTs on 11 separate occasions based on #confidential #information that the #tokens, or others by the same creator, would soon be featured on OpenSea’s home page. NFTs might be new, but this type of criminal scheme is not… Today’s charges demonstrate the commitment of this office to stamping out insider trading – whether it occurs on the #stockmarket or the #blockchain. Non-fungible tokens are unique #digital #assets, reflecting #ownership of #files such as #artwork, other #images, #videos and #text, and recorded on a #blockchain. The #NFT #market totaled about $40 billion in 2021, and more than $37 billion from January to April 2022 though transaction activity has been stabilizing, according to the blockchain data firm Chainalysis Inc.
When we learned of Nate’s behavior, we initiated an investigation and ultimately asked him to leave the company… His behavior was in violation of our employee policies and in direct conflict with our core values and principles, said OpenSea.
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