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Crypto community ‘insane’ NFT responds with fear and hope in criminal case – Defendant

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Not surprisingly, many in the crypto world have panicked after a federal grand jury indicted Nat Chastain on internal transactions in the NFT sold in the OpenSea Marketplace.

“They will come for the next people. Starting, ” Wrote Loopify, a web 3 builder with 190,000 Twitter followers.

Roberto Nixon, founder of The M3taverse, an NFT media company, was shocked by the news. “Crazy,” he said Tweet. “The first kind. It will not end. The US government is no longer playing the game. Much more needs to come. ”

‘Promoting Anger’

Suddenly, the free-wheeling vibe of the NFT market has darkened enough. “I would hate to be the influential one who is now publicly promoting anger for penis,” said Web3 developer Bender. Tweeted

Crypto Twitter and Discordes have been preparing for what could happen next, since Chastain was charged last week with a count of wire fraud and a money laundering charge. Although there is a lot of fear in the air, the aftermath of this fancy event may not be bad for Crypto. Indeed, it could give the NFT industry a leap into maturity.

“It should be clear to anyone not to use confidential information for financial gain … both morally and in common sense,” he said. Tweet Nick Carter, co-founder of Blockchain Data Aggregator Coinmetrics.

There is no doubt that federal officials are getting serious about supporting their tough talk last year with action.

False and misleading

The Chastain case comes months after Arthur Hayes, co-founder of cryptocurrency derivatives pioneer BitMEX, was found guilty of violating the Bank Secrecy Act by failing to “deliberately” implement anti-money laundering checks for platform clients.

On June 2, the U.S. Commodity Futures Trading Commission accused Gemini Trust Co., a cryptocurrency controlled by the Winklevs brothers, of making “false or misleading statements” in the case of a Bitcoin futures product rollout. In a statement sent to media outlets, Gemini vowed to defend himself.

After Terra’s fall, U.S. Treasury Secretary Janet Yellen said it was “urgent” to add controls around Stablecoin. Now comes the first case of its kind in NFT space Chastain, a former head of OpenSea products, has been accused of using intuition to buy NFT, knowing that the marketplace would sell it on his homepage.

The value will fly

He realized that once they were displayed on the No. 1 platform in a growing market, their value would increase, and according to the complaint, it was handed over to U.S. prosecutors in Manhattan, which he pocketed about 20 ETH (সেই 40,000 at the time). Chastain, a New York City resident, faces up to 20 years in prison for each charge.

Since Chastain used anonymous OpenSea accounts and ETH addresses, the DOJ argued that Chastain tried to conceal and disguise the “nature, location, source, ownership and income control” of the fraud.

‘The rise in crypto and digital payment crime, including internal transactions and fraud, could and will lead to a growing trend of financial crime.’

Braden Perry

“Once all the facts are known, we are sure he will be released,” Chastain’s lawyer David Miller told Reuters. Following the news of Chastain’s alleged behavior, OpenSea launched an internal investigation. In a comment sent to The Defiant, the firm said: “When we learned of Knott’s behavior, we launched an investigation and eventually told him to leave the company.”

Insider trading charges are usually levied against hedge fund traders, not against executives who trade in the paintings of the Board App Yacht Club. Braden Perry, a regulator and attorney for government investigations, explained that although this is an “internal trade” case, NFTs are still not considered security.

If they had, they would have been involved in the case of the Securities and Exchange Commission (SEC) or CTFC Chastein. Although there has been much discussion about controlling crypto products, Perry has explained that no single regulatory body is responsible for overseeing them.

Moonbird

“The rise in crypto and digital payment crime, including internal transactions and fraud, could be a growing trend in financial crime,” Perry told The Defender. “The main reason is the lack of transparency in the regulatory framework. The combination of new technologies with the traditional method of financial crime and the latest trends is a recipe for hateful behavior of retail customers. “

After invading every industry from luxury fashion to environmental protection, the NFT market has survived despite the growing beer market. Bored Apes is hovering around a 95 ETH floor (185.00), Jimmy Fallon is swinging a moonbird as his profile picture, and NFT NYC is still happening. But, there are problems in the NFT industry, a novice and complex space regulators are only trying to make it safe for consumers.

Coming to Super Rare Soho

This is why regulation can go a step further. “I think it shows that control is rapidly coming into the NFT space which would be a good thing.” John Crane, co-founder of SuperRayer, BFT Marketplace, Told The Defiant. “Having clear rules makes it easier for entrepreneurs to build.”

For now, crypto remains a wild and unpredictable frontier. Azuki founder Zagabond কেউ 3M no one knew about the three projects of rag-tanning until he admitted randomly in a blog post. Chastain’s alleged activity was discovered only after an on-chain sleuth Tweet What he found.



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