The new world of crypto is seeing a new kind of insider-trading scandal
The scene of the crime? Photo: Konstantin Sergeyev . A 31-year old Brooklynite named Nate Chastain came under siege this week from an angry online mob of pixelated cartoon characters and weird monkey avatars claiming he had used unfair practices to buy digital art low and sell it high. Chastain, an executive at the largest exchange for non-fungible tokens , allegedly front-ran the market he was administering in the ultra-buzzy, stupidly moneyed world of digital art secured on the blockchain.
“It is unethical for him to front-run the front-page listings, trading off of material private information. I made some posts saying not to rush to judgment, but the OpenSea official statement confirms that it happened,” a crypto investor who goes by Beanie Maxi told Intelligencer. “Other than that,” he added, “I’d say Nate is a nice guy.
“This sort of activity is going to, unfortunately, lead people to be less trusting of the crypto markets and give regulators more ammunition to want to regulate,” said Robert G. Heim, a partner at Tarter Krinsky & Drogin, a New York–based law firm that serves clients in the crypto industry.
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