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OpenSea CEO: NFT Insider Trading Case ‘Unfair’ Ahead of Trial

Former OpenSea executive Nate Chastain is set to face trial on Monday over an alleged NFT insider trading scheme. Chastain was charged with wire fraud and money laundering in June 2021 over trades made between January and September 2021, in which he allegedly used insider knowledge to buy NFTs before they were featured on OpenSea's front page and then sold them for profit. OpenSea CEO Devin Finzer has spoken out in support of Chastain, calling the case "unfair" and claiming it is affecting the former executive's mental health. The charges represent the first-ever case involving potential insider trading of NFTs, with each count carrying a maximum sentence of 20 years in prison. Chastain has filed five different motions to the court, including pleas to drop some evidence and to exclude terms like "insider trading," but Judge Jesse Furman has denied each motion. The final pre-trial conference is scheduled for Thursday.

(By SHALINI NAGARAJAN)

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