Former OpenSea Employee Charged with Insider Trading

Former OpenSea employee Nate Chastain is facing trial for buying NFTs that he knew were going to be listed on the marketplace’s homepage and selling them for a profit after they were publicized. Chastain failed in his attempts to get the charge dismissed after a judge ruled that the case would go to trial. He also lobbied to get U.S. prosecutors banned from using the phrase “insider trading,” arguing that NFTs are neither securities nor commodities. The judge has yet to rule on this issue.