The ex-employee Opensea accused of insider trade challenged the verdict of the court

Lawyers of the former head of the Opensea Products Nathanielya Products filed an appeal against his indictment against him.

In June, the jury pleaded guilty to fraud and money laundering in the scheme with insider trading on Marketplais.

According to the conclusion, Chestein previously bought tokens using anonymous wallets and Opensea accounts. In the period from June to September 2021, the top manager sold these works two to five times more than the purchase price.

In the petition, lawyers emphasized that the fraud using the Internet is associated with securities and goods. However, NFT are neither one nor the other, they added.

Lawyers also argue that the authorities are not able to confirm the interpretation of cryptotrazazations as financial in accordance with the rules for countering money laundering.

“The government initiated judicial prosecution using the unreasonable application of criminal law to create a precedent in the field of digital assets”, – The experts concluded.

Recall that in September 2021 Opensea broke out labor relations with an unnamed employee involved in insider trade. This moment coincided with the departure from the company of Chastein, who was suspected of fraud. He was arrested on June 1, 2022.

Previously, Huobi accused the ex-employee of illegal trade. According to media reports, he allegedly created a retail trading account in the name of his father and provided a credit line of $ 20 million from the exchange for subsequent trade.

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