In an insider trading case against an Opensea employee, the judge denied the motion to dismiss charges

A judge denied the defendant's motion to dismiss the fraud and money laundering charges.

You may have forgotten, but we'll remind you anyway. Nate Chastain, a former OpenSea product manager, was charged with fraud and money laundering.

He was found in possession of wallets containing NFTs from collections that were supposed to pour into the exchange. And who better know what tokens will appear on the most popular NFT marketplace than the head of the product department? That's right!

And as we know, once listed, tokens, whether non-interchangeable or regular, skyrocket in value in the vast majority of cases. Prosecutors also allege that Chastain created wallet addresses to store NFTs and pump profits after the price soared because of the listing.

OpenSea decided to part ways with Chastain last month after the company became aware of the investigation. It also sought help from a third party to "conduct a thorough analysis of the incident and make recommendations to strengthen existing controls," the company said in a blog post.

For his part, Chastain argued that the listing information was not proprietary. Although how it can help him is not entirely clear because ignorance of the law does not exempt him from liability, and trading using insider information is certainly not a legitimate activity.

In denying the motion to dismiss, the judge referred to a court case in which a Wall Street Journal reporter had entered into a scheme with traders, telling them the content and timing of articles before they were published, which helped the insiders make good money and share it with the reporter.

"The columnist and traders were charged and convicted of both securities fraud and mail and wire fraud," the document said. "So, not 'insider training' in the usual sense, but definitely 'communications fraud,'" the response said.

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