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A Judge Has Denied the Former OpenSea Employee’s Motion to Dismiss Wire Fraud And Money Laundering Charges

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Nate Chastain, former head of product at OpenSea, has been charged with wire fraud and money laundering. The government alleges that Chastain illegally profited off the sale of NFTs in 2021 and had set up wallet addresses to hold the NFTs and funnel profits back to himself. Chastain argued that the information he allegedly misappropriated is “not ‘property’ within the statute,” and he did not commit wire fraud because doing so necessitates “the existence of trading in securities or commodities,” which currently does not include NFTs. And the judge denied his motion to dismiss wire fraud and money laundering charges, clearing the way for his trial.

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