Crypto Catch: Ex-employee of NFT platform arrested on fraud charges

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Crypto Catch: Ex-employee of NFT platform arrested on fraud charges

Crypto fraud, Crypto news, OpenSea ex-employee fraud
Image source: © Radostvsem999 | Megapixl.com

Highlights

  • An ex-employee of leading non-fungible tokens (NFT) marketplace, OpenSea, has been charged with wire fraud and money-laundering
  • In Australia, a senate enquiry was called for in late 2021, with the Morrison government saying it would adopt the report’s recommendations
  • Bitcoin rebounded, bouncing back 2.23 per cent to once more edge above the 30k mark, and was recently trading at US$30,461

An ex-employee of leading non-fungible tokens (NFT) marketplace, OpenSea, has been charged with wire fraud and money-laundering.

Former Product Manager at OpenSea, Nathaniel Chastain, was arrested by the FBI in New York on Wednesday after being accused of using his insider knowledge to gain a buying advantage.

The FBI alleges that Chastain used his knowledge of which tokens were to be featured on the OpenSea website’s front page to buy them shortly before they were featured, and sell them immediately, thus illegally profiting from his privileged position.

Chastain’s arrest signals a change in the crypto regulation space, revealing that US law enforcement will no longer turn a blind eye to illegal activities occurring within the crypto space.

Calls for increased regulation in the crypto space has been a common theme throughout the past two years as the popularity of digital assets exploded during the Covid-19-enforced lockdown period.

In Australia, a senate enquiry was called for in late 2021, with the Morrison government saying it would adopt the report’s recommendations. The report recommended rules for cryptos, which will be held by custodians. It also recommended a special category of licence for crypto market players.

Market News

Bitcoin rebounded, rising 2.23 per cent to edge above the US$30k mark again. At the time of drafting, Bitcoin was trading at US$30,461.

Ethereum gained just 0.43 per cent from yesterday to reach US$1,830.

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Image Source @ 2022 Kalkine Media® 

Data Source: CoinMarketCap.com, based on top 100 cryptos. 

Note: Growth from the 24 hours prior to 12:30pm AEDT 

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