A former employee of NFT platform OpenSea was unable to persuade the judge that the charges against him should be dismissed.
Former Product Manager of OpenSea Nate Chastain accused of electronic fraud and money laundering. The government alleges that Chastain illegally profited from the sale of NFTs in 2021.
OpenSea’s Former Employee Failed to Convince the Court
Judge, former Product Manager of OpenSea Nate Chastain‘s request to dismiss accusations of electronic fraud and money laundering did not go through.
chastain, OpenSea He was responsible for deciding which NFTs would appear on the homepage of . With this authority and knowledge, the indictment alleges that he bought certain NFTs before they were introduced and turned them for profit when their value increased. Investigators also suggested that Chastain created wallet addresses to hold NFTs and transfer profits back to himself.
Demanding the denial of all these allegations Chastain was rejected by the court. Thus, a clear decision could not be reached in the case and it will continue for a while.
OpenSea also decided to part ways with Chastain last month after being notified of the investigation. He also sought the assistance of a third party to conduct a thorough review of the incident and make recommendations on how existing controls could be strengthened.
