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Is it still insider trading if you’re trading NFTs?
The US government’s criminal case against the former product leader of OpenSea, Nate Chastain, kicks off this week. Chastain is accused of buying up NFTs that he knew would be featured on OpenSea’s homepage, then selling them shortly thereafter as their value spiked.
The question isn’t so much whether Chastain did this, it’s whether doing this is illegal. As a former SEC enforcement lawyer told Reuters, “Is it insider trading of anything?”
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