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HomeWorld NewsWhy Nate Chastain Arrested? Nate Chastain Arrest Reason Charges And Allegations Explained!

Why Nate Chastain Arrested? Nate Chastain Arrest Reason Charges And Allegations Explained!




Why Nate Chastain Arrested? Nate Chastain Arrest Reason Charges And Allegations Explained! Opensea, a startup NFT company, recently arrested an employee for illegally purchasing and possessing an NFT before it was due to be displayed by the company timeline. The employee was accused of wire fraud and money possession in connection to the companies inside trade. The information was found in several articles that stated that the employee was highly valued by senior staff. The Southern District of New York City received the news from an Attorney’s Office. Nate Chastin was the name of the employee.

Why Nate Chastain Arrested? Nate Chastain Arrest Reason Charges And Allegations Explained!




Why Nate Chastain Arrested?

He was also the former head for products at the company. The accused was charged with buying the NFTs too quickly and removing the purchase from the company. He also featured the NFTs on his own page, before the company would allow him to. According to the justice department, the employee purchased the NFTs to make a profit and earned money from the purchase. He also used them without permission. NFTs, which are very similar to cryptocurrencies, are original artwork or any unique item that is bought and sold. They do not have copies of them other than the original.

NFTs are unique and the only ones who can use them are the makers. The purchaser is entitled to the rights. They can be used by anyone but the parties and they will face legal charges. They can be sold digitally, and their ownership is digitally dependent. According to statistics last year, the NFTs market grew in popularity and was worth up to $40 million. Some articles claim that Chastain was fired because of his unusual behavior and creating conflicts.

His attorney emailed the company after the scam and incident. He stated that they did not find any charges against their clients and would not accept further allegations. Some sources claim that hackers have also entered NFTs markets to steal many artworks. As if that wasn’t enough, many artists have sold multiple artworks to their clients multiple times. This may be because the NFTs market is currently declining. Many artists claimed that their artworks were stolen, and then sold for higher prices. Others said that they sold their previously sold artwork for higher rates.




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