Former OpenSea Executive Convicted in First Insider Trading Case Involving NFTs

Nathaniel Chastain, a former product manager at OpenSea, was found guilty of fraud and money laundering for insider trading of NFTs featured on OpenSea's homepage.
Chastain bought and sold NFTs featured on OpenSea's homepage for illegal profit before and after they were featured.
Chastain's case is the first insider trading case involving digital assets, according to prosecutors.
Chastain's lawyers argued OpenSea did not consider knowledge of featured NFTs confidential, but prosecutors said Chastain knew his actions were wrong.
Chastain faces up to 20 years in prison for each count of his conviction and will be sentenced on August 22, though he will likely face less time.