A former product manager at OpenSea, the world's largest marketplace for NFTs, has been convicted of fraud and money laundering by a court for insider trading of non-fungible tokens. Nathaniel Chastain was found to have used inside knowledge of which digital arts would be issued on the front page for trading to buy NFTs before featuring them on the website and then selling them for a profit. The conviction marks the first-ever trial involving insider trading of NFTs, and legal experts say it holds broader implications for digital assets that are hard to fit into existing laws. Chastain's lawyers argued that OpenSea did not treat details and knowledge related to digital assets to be featured on the homepage as confidential information when he worked there.
(By Ashish Kumar)
