According to Forbes (Japan), the NFT industry, a new thing that is now on the rise, has brought new lateral shocks. The U.S. prosecutors confirmed a case of internal NFT transaction fraud, which is also the first precedent in U.S. judicial history. NFT virtual assets are introduced into the category of internal transaction fraud cases.
The case occurred in the famous NFT trading site OpenSea. Its former key employee Nate Chastain allegedly used his own auditing main site to demonstrate the advantages of NFT positions in 2021, and quietly purchased 45 NFTs before the website was publicly displayed. Sell quickly and earn huge profits.
The United States Fair Trading Act has been continuously improved since it was enacted in 1934, but the blockchain and NFT art that has exploded in recent years were not involved in the case before. The filing and prosecution of the NFT internal transaction fraud case mean that the internal transaction fraud case has once again been updated in the era.
Federal prosecutor Damian Williams said that the case made clear the U.S. government’s position that we will not tolerate any insider trading fraud cases, whether in the stock market or the blockchain market.
If you like our news and you want to be the first to get notifications of the latest news, then follow us on Twitter and Facebook page and join our Telegram channel. Also, you can follow us on Google News for regular updates.