Disgraced OpenSea engineer arrested for insider trading

Illustration by Alex Castro / The Verge

Former OpenSea product manager Nathaniel Chastain has been charged with wire fraud and money laundering in connection with an insider trading scheme. Chastain was arrested Wednesday morning in New York City and is expected to be presented in court later today.

Chastain was publicly accused of insider trading in September and fired from his position at OpenSea — but today’s indictment marks the first criminal charges associated with the scheme.

While employed at OpenSea, Chastain was responsible for deciding which NFT collections would be featured on OpenSea’s front page, a distinction that typically made the collections skyrocket in value. The indictment describes a pattern of 45 token…

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Author: Russell Brandom