Former OpenSea manager convicted in NFT insider trading case. According to Reuters, the former manager of OpenSea who was charged with insider trading of NFTs was found guilty of wire fraud and money laundering on May 3. Nathaniel Chastain, former Open Sea product manager, would decide which NFTs would go on the marketplace. According to data on DappRadar, NFT (non-fungible token) marketplace OpenSea has seen a 2488% drop in daily volume. Prosecutors claimed that after making these choices, he routinely bought these NFTs and sold them again after they had been highlighted.
Daniel Filor, the defense attorney, told in the closing arguments that Chastain wasn’t guilty. 44% in the monthly chartsIf you look at Open Sea’s fees and revenue, it is clear that NFT is down since mid 2022. However, it is possible that the drops in daily volume are due to a court conviction in an NFT insider trading lawsuit. It was 41 million in March 2023. The fall in fee and revenue since mid 2022 at OpenSEA could be the crypto market crash in the summer of 2022. Open Sea saw a sales hit of $61 in March 2022.
