Appeals Court Overturns OpenSea Insider Trading Conviction
A U.S. federal appeals court has overturned the conviction of Nathaniel Chastain, a former product manager at OpenSea, the leading marketplace for non-fungible tokens (NFTs). Chastain had previously been found guilty of wire fraud and money laundering in a high-profile case that was widely regarded as the first insider trading prosecution in the digital asset […]
OpenSea Users Drop Lawsuit After Marketplace Calls for Arbitration
The lawsuit against OpenSea cited SEC actions against certain NFT projects, alleging OpenSea failed to moderate unregistered securities. The non-fungible token marketplace, which was accused of selling unregistered securities by two OpenSea users, has withdrawn its proposed class-action lawsuit after a judge permitted the firm to request arbitration. OpenSea Users Drop Lawsuit Anthony Shnayderman and […]
Users Sue OpenSea Over Sales of Unregistered Securities
Two OpenSea users have proposed a class-action lawsuit in the United States against the non-fungible token (NFT) marketplace OpenSea, alleging that it sells unregistered securities contracts. In a federal court in Florida on September 19, Anthony Shnayderman and Itai Bronshtein asserted that the NFTs they acquired on OpenSea, including those from the Bored Ape Yacht […]
US SEC Fines Flyfish Club $750K for NFT Violations
Flyfish Club raised $14.8 million by selling around 1,600 NFTs, marketed as memberships to an exclusive dining club. In response to Flyfish Club, LLC’s unregistered sale of non-fungible tokens (NFTs), the United States Securities and Exchange Commission (SEC) has issued an order against the company. The judgment has led to a growing disagreement within the […]
Stand With Crypto Launches Legal Defense Fund for NFT Projects
The Creator Legal Defense Fund was established by Andreessen Horowitz’s a16z Crypto fund in collaboration with Stand With Crypto and OpenSea. Releases from OpenSea and a16z state that this project aims to offer legal advice and assistance to artists and creators who use blockchain technology , especially those who deal with NFTs. A6z has joined […]