Tag: NFTs

Former OpenSea Exec Argues NFT Insider Trading Conviction Violated Law – Decrypt

Nathaniel Chastain, the ex-OpenSea executive who was convicted last May of fraud and money laundering after profiting off several NFT collections he chose to highlight on the marketplace’s homepage, has asked a federal appeals court to overturn his conviction on the grounds that it improperly designated information about NFTs as “property.” In a brief filed this week in the United…

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NFT Indicies Remain Stable After $3M NFT Hack

Nansen’s NFT-500 and Blue-Chip-10 indexes were stable after nearly $3 million worth of non-fungible tokens (NFTs) were stolen from trading platform NFT Trader. The Nansen NFT-500 index is down 0.88% when denominated in ether (ETH), while the Blue Chip 10 index is down 0.51%. Nearly $3 million in NFTs were stolen in the hack, with the attacker demanding a ransom…

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SEC Charges Creator of Stoner Cats Web Series for Unregistered Offering of NFTs

The Securities and Exchange Commission today charged Stoner Cats 2 LLC (SC2) with conducting an unregistered offering of crypto asset securities in the form of purported non-fungible tokens (NFTs) that raised approximately $8 million from investors to finance an animated web series called Stoner Cats. According to the SEC order, on July 27, 2021, SC2 offered and sold to investors…

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NFT Hype Fades in Crypto Market as Sales Volume Plunges – Bloomberg

Nonfungible tokens, most popularly associated with the digital artwork and other collectibles recorded on crypto blockchains, have lost most of their value after once capturing the imagination of crypto enthusiasts as the next big thing…. Monthly trading volume for NFTs plummeted 81% between January 2022 and July 2023, data from DappRadar shows. Over the same period, monthly NFT sales figures…

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The SEC’s First NFT Enforcement Action: SEC v. Impact Theory | Akin Gump Strauss Hauer & Feld LLP

Takeaways — With the SEC engaged in high profile litigation across the country regarding the status of digital assets as securities, this case marks the first time the SEC has extended its jurisdictional reach further into the NFT space. This is not surprising, given remarks from Chair Gary Gensler last year, which indicated that the SEC’s broad reading of the…

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