Chastain Chastised! Insider NFT Trading Sends the FBI Knocking

The FBI’s raid of the home and office of Bitfinexed crypto trader, Joshua Chastain has confirmed a number of suspicions about how Crypto is traded. It seems that this trading can lead to insider trading cases just as easily as in stocks or other traditional markets.

“Nate chastain” is a trader who has been accused of insider trading by the FBI. The FBI has requested that he be charged with fraud and conspiracy to commit securities fraud.

When OpenSea’s Head of Product was found practicing insider trading in September, the company had to navigate some rough seas. Nate Chastain lost his job as a consequence, and he was heavily chastised by the community.

Nate humbly vanished into obscurity, and this was thought to be the end of the tale at the time. Things, on the other hand, are about to become a whole lot worse for the former product manager. It turns out that his very serious misdeeds have real-life consequences. As a consequence, the FBI arrived to file official charges of wire fraud and money laundering against him. Should the courts find him guilty of both charges, he faces a maximum term of 20 years in prison.

This is terrible news for all Nathaniel Chastains throughout the globe. I join my brothers in mourning. https://t.co/M6nEiKYUC2

1 June 2022 — Nate Chastain (@Nate Chastain)

The outcome of the trial will have far-reaching consequences for the NFT sector. On the one hand, it lends credibility to the NFT industry as a whole. However, many poor actors and shady ‘influencers’ have done much more heinous acts than Nate. As a result, these unethical people will be watching with bated breath, pondering how they will weather the storm.

What Nate’s future holds is unknown, but terrible times will undoubtedly be present. The US judicial system will take its course, and the case will establish a legal precedent for NFT transactions. Who knows, maybe one of those posing as Nate on Twitter may be the one to take the blame!

 

The “crypto insider tips” is a news article about the FBI knocking on Chastain’s door. The article also mentions that he had been trading NFTs illegally.

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