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Nathaniel Chastain, the previous OpenSea product manager who resigned after he was revealed to be utilizing privileged data to sell NFTs, has been indicted for wire fraud and money laundering, the Division of Justice announced today. This marks the primary insider buying and selling case involving digital belongings, the company said. It was originally unclear if something would happen to Chastain, following his resignation, for the reason that sale of NFTs isn't regulated. His plan wasn't exactly groundbreaking: He knew what NFTs had been going to be featured on OpenSea's homepage, so he surreptitiously purchased and sold them for a massive profit.

Non-fungible tokens, or NFTs, are a comparatively new sort of digital asset that’s growing in reputation among everybody from celebrities to artwork appreciators to regular investors alike. NFT buying and selling revolves around digital objects such as paintings, music, photos, memes and different merchandise that come complete with their own distinctive proof of authenticity and possession. Investing in NFTs has grow to be a preferred technique recently, and coping with NFTs has the added bonus of providing an easy strategy to get involved with trading cryptocurrency.

To start with, we loved the competitors loads! It gave us an unexpected break from our every day duties (not that we don’t enjoy doing what we do each day, however nonetheless). This spirit of a hackathon, shut team work, the necessity to rapidly dive into a new technology - I think all engineers understand how exciting it is.