By NEWS TEAM

Nate Chastain has been arrested by the FBI as OpenSea confirms he was involved in an insider trading scam.

This is the first time ever that the FBI is taking legal actions against someone involved in an NFT-based crime.

As OpenSea confirms that illegal actions were performed by Nate Chastain, a former Head of Product at OpenSea, the decision comes in 8 months.

Why Was He Arrested?

Nate Chastain was arrested immediately by the FBI when OpenSea confirmed he was involved in an insider trading scam. Now, the FBI has charged him with wire fraud and money laundering.

The New York Department of Justice has also confirmed its conviction in the case. All this means that things aren’t looking good for Chastain.

The US Attorney seemed to have known a thing or two about NFTs and crimes – especially what Chastain was doing.

Here’s what he said,“NFTs might be new, but this type of criminal scheme is not. As alleged, Nathaniel Chastain betrayed OpenSea by using its confidential business information to make money for himself. Today’s charges demonstrate the commitment of this Office to stamping out insider trading – whether it occurs on the stock market or the blockchain.”