Finst

Former OpenSea product manager convicted of insider trading

Nathaniel C., former OpenSea product manager, was convicted on May 3 for NFT insider trading.

By Finst News
• 1 min read
Former OpenSea product manager convicted of insider trading

Nathaniel C., former OpenSea product manager, was convicted on May 3 of NFT insider trading. What his sentence will be, and how much, is still unclear.

Reuters reports that the convicted man made illegal profits of $50,000. To carry out the trades, Nathaniel C. allegedly used anonymous OpenSea accounts. "He abused his status at OpenSea to pad his own pockets. He lied to cover his tracks," said prosecutor Thomas Burnett.

The case, announced in June 2022, is considered the first insider trading case in digital assets, according to federal prosecutors. This case could have implications for NFT regulation, Burnett adds.

Coinbase also carried out an arrest last summer for insider trading. The former product manager allegedly systematically used tips about upcoming listings on the crypto exchange.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.