The accused man had used anonymous accounts and wallets on OpenSea to conduct the transactions.
The US Justice Department charged a former product manager at OpenSea with wire fraud and money laundering. He had allegedly used confidential business information of what NFT projects would be featured on the platform to make a considerable profit. The official release stated this case was the first-ever digital asset insider trading scheme.
The man had concealed the fraud by using anonymous digital currency wallets and accounts on OpenSea, the release noted.FBI Assistant Director-in-Charge Michael J. Driscoll considered Chastain’s offense an age-old insider trading scheme and added that the authority would continue deploying forces to target acts of market manipulation in the digital assets space.
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