In a move never before seen in the industry, Manhattan prosecutors charged former OpenSea chief product officer Nathaniel Chastain with insider trading.
US Federal Judge Approves Department of Justice Criminal Complaint for Use of Cryptocurrencies to Evade Sanctions
The US Attorney's Office for the Southern District of New York said the exact charges were wire fraud and money laundering in connection with a scheme to commit insider trading.
Until now, the phrase insider trading has not been used in relation to cryptocurrencies and typically refers to the use of inside information to trade securities.
Former Securities and Exchange Commission attorney Alma Angotti says this week's news about an OpenSea employee accused of insider trading could open the door for non-fungible tokens to be rated as securities.
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