Nathaniel Chastain, of Manhattan, was accused of secretly buying 45 NFTs on 11 separate occasions based on confidential information that the tokens, or others by the same creator, would soon be featured on OpenSea's home page.
Prosecutors said the scheme ran from June to September 2021, with Chastain transacting through anonymous digital currency wallets and accounts at OpenSea, also known as Ozone Networks. Chastain pleaded not guilty to wire fraud and money laundering charges, each carrying a maximum 20-year prison term, before US Magistrate Judge Barbara Moses in Manhattan. Bond was set at $100,000.
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