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AP National Business

NFT insider trading scheme charges are a 1st, feds say

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Published 1:28 pm

By LARRY NEUMEISTER
Associated Press

NEW YORK (AP) — A former product manager at an online marketplace has been arrested in what federal authorities are calling the first ever digital asset insider trading scheme. Nathaniel Chastain, a former employee of a company that does business as OpenSea, was arrested Wednesday in Manhattan. He was released on $100,000 bail after entering a not guilty plea to wire fraud and money laundering charges. He and his lawyers declined comment immediately after the Manhattan federal court hearing. U.S. Attorney Damian Williams said the charges were a first because they pertained to NFTs, or non-fungible tokens, that provide digital ownership of art and other content.

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