Something that had never happened before has just happened in what will go down in history as the first-ever insider trading case in the world of NFT.
U.S. Attorney Damian Williams in Manhattan said these charges “demonstrate the commitment of this office to stamping out insider trading – whether it occurs on the stock market or the blockchain”.
“NFTs might be new, but this type of criminal scheme is not,” added Williams.
I guess Mrs Pelosi didn’t get the memo. But that’s a different conversation so let’s just move on.
In short, a 31-year-old fomer employee was accused of buying 45 NFTs on 11 different occasions based on confidential information he wasn’t supposed to disclose and/or use. OpenSea themselves found out about it by running an internal investigation and subsequently reported him to the authorities.
If found guilty, the employee is facing up to 20 years in prison.
Proving malfeasance in a court of law is often difficult, and I believe it is going to be even more arduous in this case because of the way the market is (un)regulated.
Let’s wait and see.
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