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DOJ Charges Former OpenSea Employee

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Nate Chastain, a former OpenSea employee, has been charged with wire fraud and money laundering by the Department of Justice. The news was announced in a press release. The Department of Justice officials stated that this is the first time they’ve pursued a charge involving digital assets.

Nate Chastain left OpenSea after the supposed “NFT insider trading” scandal back in September of 2021. Since then he has been working on a new NFT project, Oval. Prior to his time at OpenSea, Nate worked as Product Lead at MetaMask for a short nine-month stint between May 2020 and January 2021.

The Justice Department said Chastain was arrested  in New York City. He has been officially charged with “wire fraud and money laundering in connection with trading on confidential information about which non-fungible tokens were about to be featured on the OpenSea homepage”.

The charges each carry a maximum sentence of 20 years in prison.

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