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A group of lawyers argues that prosecutors’ first NFT insider-trading case opens the door to an overly broad use of the wire-fraud statute to penalize unauthorized use of workplace information
Mr. Chastain’s alleged crime, under the theory prosecutors outlined, was stealing OpenSea’s confidential information. He was also charged with money laundering. A spokesman for prosecutors declined to comment. A lawyer for Mr. Chastain, David Miller, also declined to comment. OpenSea, which is legally known as Ozone Networks Inc., said previously that it began an investigation after learning of his alleged conduct and ultimately asked him to leave. A green light for prosecutors could “massively expand wire fraud to capture all sorts of workplace indiscretions” that might not even get an employee in trouble, let alone prosecuted, the NYCDL said in a filing last week.
