How is insider trading of NFTs a felony if it doesn’t involve a 10b-5 securities violation? The wire fraud theory in U.S. v. Nate Chastain, former OpenSea employee.

Yesterday, the U.S. Attorney for the Southern District of NY Damian Williams announced an indictment against Nathaniel Chastain who allegedly traded at least 45 NFTs while working at OpenSea based on confidential business information that OpenSea would feature the NFTs on its website (thereby attracting greater demand). Chastain allegedly profited by selling the NFTs at…

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US charges ETHAN NGUYEN, a/k/a “Frostie,” “Jakefiftyeight,” “Jobo,” “Joboethan,” a/k/a “Meltfrost,” and ANDRE LLACUNA, a/k/a “heyandre,” for alleged conspiracy to commit wire fraud, money laundering in “rug pull” with Frosties NFT

The Department of Justice announced a criminal indictment of Ethan Nguyen and Andre Llacuna for a “rug pull” for NFTs called “Frosties.” The press release states: Damian Williams, the United States Attorney for the Southern District of New York, Thomas Fattorusso, Special Agent in Charge of the New York Field Office of the Internal Revenue…

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