Former OpenSea Manager Gets Three Months in Prison for NFT Insider Trading
Nathaniel Chastain worked as a manager at one of the largest NFT marketplaces called OpenSea. However, the former manager has been removed from his post as he faces charges of committing fraud. He has been charged with getting 3 months in prison for performing insider trading using NFTs.
It is important to note that insider trading is an offense where the person with internal information about the listing or trading metrics decides to purchase or sell a product.
This type of practice is illegal since it is classified as manipulative trading practice. Attorney Damian Williams talked about this matter maintaining that the employee has attempted to break the trust and broken the confidence of his workplace.
Chastain had been working as a product manager at OpenSea or Ozone Network. He has been sentenced to three months in prison on account of his insider trading offense. At the same time, he has also received a fine of $50K in addition to home confinement that is conditioned with supervised release.
Binance CEO Denies Affiliation with Spam Project
Binance CEO recently posted updates about a scam project named AlphaGPT. The topic has been trending on X formerly Twitter platform. He claimed that the project has continued to post updates about the Binance exchange in terms of bots.
He maintained that this project has no affiliations or contact with the firm. There are several bot accounts that have been posting updates about Binance while the project does not have any connection to the matter whatsoever.
CZ called the project a Ponzi scheme and talked about the fake reviews and testimonials it has been posting on X. He mentioned in a new comment that he has been watching these updates in the spam comment section that are made by bot accounts.
At the same time, the CEO also claimed that Binance will not directly advertise a particular crypto project. Furthermore, the developers who ask the firm to list their projects in the comments section are not considered for a listing.
Cypher is a cryptocurrency exchange based on Solana network. The project has suffered a major hack recently. However, the project has decided to launch a new token amidst the chaos and announced an airdrop event for inauguration.
Cypher offered high transaction speed and low trading fees but the network was attacked by hackers on 7th August, 2023. This led to emptying of a liquidity pool with losses estimated over $1 million. The hackers targeted the smart contract and from there they were able to withdraw funds without slippage or fees.
Nevertheless, the team has arranged for decentralized exchange offering that would take place by the end of September. The trading platform has announced that around 45% of the new token is dedicated for public traders.
On the other hand, around 23% has been reserved for development team, investors’ stake is 11%, 12% is set aside for growth budget, and 1.2% is awarded to advisors. At the same time, the remainder 7.3% is going to go towards airdrops.
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