U.S. prosecutors are blaming a former OpenSea employee in the first NFT insider trading case, as the Solana network was forced to halt block production due to some issues in the last minute developments in the cryptocurrency market.
Solana network has failed again and has been stopped!
Solana network, which is seen as an Ethereum competitor, but could not get rid of network problems, stopped block production due to some problems. After that, the Solana team summoned validators to the Discord channel to get the network back on track.
As you can follow from cryptokoin.com news, Solana is not experiencing network problems for the first time. The network had been shut down 7 times before the last stop. For Solana, which is said to be a competitor to the strongest altcoin Ethereum, these shutdowns started to cause serious problems and caused it to become the target of criticism by crypto experts and communities.
At the time of writing, Solana was trading at $41.50, losing 8.75% in the last 24 hours, according to data from CoinMarketCap. The altcoin is 84% away from its all-time high of $260, which it saw about 7 months ago.
Former OpenSea employee indicted in first NFT insider trading case
US prosecutors in Manhattan on Wednesday named a former product manager at OpenSea, the largest online marketplace for Non Fungible Tokens (NFTs). accused of insider trading, the first such case involving digital assets.
Nathaniel Chastain, 31, from Manhattan, is accused of secretly purchasing 45 NFTs on 11 separate occasions, based on confidential information that tokens or others from the same creator will soon appear on OpenSea’s homepage.
Prosecutors say Chastain chose which NFTs to show and sold his NFTs shortly after publication, for two to five times the price he typically pays. In one case, they say, Chastain more than quadrupled his money by buying NFT “Spectrum of a Ramenfication Theory” on September 14, 2021 and selling it early the next morning.
Arrested Wednesday, Chastain is charged with electronic fraud and money laundering, each with sentences of up to 20 years in prison. His lawyer did not respond to requests for comment. OpenSea said of Chastain, “When we learned of Nate’s behavior, we launched an investigation and eventually asked him to leave the company. “His behavior violated our employee policies and directly contradicted our core values and principles.”
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