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Making its name known around the world when it suddenly became a multi-billion dollar industry in 2021. NFT technology has also led to many fraud and opportunistic events.
Making its name known around the world when it suddenly became a multi-billion dollar industry in 2021. NFT technology has also led to many fraud and opportunistic events. Today, US Department of Justice With the press release shared by the company, a new one has been added to these fraud events.
The US Department of Justice announced that the former product manager of OpenSea, the largest NFT marketplace, was arrested by the FBI yesterday morning. Former director named Nate Chastain for using the NFT information within the company for commercial purposes. accused of fraud and money laundering† Chastain used his knowledge of OpenSea and NFTs to make personal money.
According to the statement from the ministry, Chastain has announced which NFTs will be included in OpenSea. buys these NFTs using internal confidential information, then it would be sold many times above its original value. In addition, Chastain not only knew which NFTs would be displayed, but he could also choose which NFTs would be displayed.
Chastain planned this cunning plan between June and September last year. Using 7 Different Anonymous Crypto Wallets into force. Chastain bought dozens of NFTs and all at least double the profit determined to be sold. Upon Chastain’s arrest came a statement from OpenSea:
“As the world’s leading Web3 marketplace for NFTs, trust and integrity are at the heart of everything we do. When we heard about Nate’s behavior, we launched an investigation and eventually asked him to leave the company. His behavior contradicted our employment policies and directly contradicted our core values and principles.”
Last September, OpenSea issued a statement prohibiting its team members from buying and selling items from featured collections on the site and from using confidential information for NFT trading. In a statement shared by the platform’s founder, Devin Finzer, “We learned yesterday that one of our employees bought digital assets that they knew would be on the homepage before going public.” he said. The person in question in this statement is Nate Chastain. completed today.
Source: Web Tekno
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
