Tag: NFTs

Hacker Steals Bill Murray’s Crypto After $185K NFT Charity Auction

Hours after the closing of Bill Murray’s NFT auction that raised 119.2 ETH (around $185,000) for charity Thursday, a hacker stole the funds. The hacker started to drain Murray’s personal wallet at around 7:00 p.m. ET on Thursday, according to on-chain data from Etherscan and details from Murray’s team. The unknown individual also attempted to take non-fungible tokens from the…

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‘Basketball cards are not securities’ says NFT maker in bid to nix lawsuit | Reuters

NFT creator Dapper Labs urged a Manhattan federal court to toss a lawsuit claiming its NBA Top Shot Moments are securities, saying the plaintiffs can’t “make a federal securities case over basketball cards.” The blockchain-based video clips of basketball players were developed as collectables with the National Basketball Association, and bear none of the hallmarks of securities, Dapper Labs wrote…

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Ex-OpenSea exec calls for NFT “insider trading” charges to be dismissed—because NFTs are not securities or commodities | Fortune

The Justice Department filed money laundering charges in June against Nate Chastain, the former head of product at the most popular NFT marketplace OpenSea, in what the agency called the “first ever digital asset insider trading scheme. But in a motion filed Friday in New York federal court, Chastain asked a judge to dismiss the charges ahead of the trial…

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Cryptoverse: The bonfire of the NFTs

The NFT dream isn’t dead, but it’s taken a big non-fungible beating. The market shone gloriously last year as crypto-rich speculators spent billions of dollars on the risky assets, pumping up prices and profits. Now, six months into 2022, it’s looking ugly. Monthly sales volume on the largest NFT marketplace, OpenSea, plunged to $700 million in June, down from $2.6…

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The arrest heard ’round the crypto world | TechCrunch

There are an awful lot of people taking a very close reading of the SDNY press release, which states it specifically charged Chastain “with wire fraud and money laundering in connection with a scheme to commit insider trading in Non-Fungible Tokens.” They notably describe NFTs as “digital assets” later in the release. Also, it’s worth reiterating that this is the…

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Don’t Insider Trade NFTs – Bloomberg

Seems bad. But it is weird to put a person in prison for years because he … bought some internet cartoons … before … they were … put on a website? Like on the one hand it certainly seems like insider trading, sure, but on the other hand, does the US government have that much interest in protecting the level playing field of trading…

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Former Employee Of NFT Marketplace Charged In First Ever Digital Asset Insider Trading Scheme | USAO-SDNY

FBI Assistant Director-in-Charge Michael J. Driscoll said:  “In this case, as alleged, Chastain launched an age-old scheme to commit insider trading by using his knowledge of confidential information to purchase dozens of NFTs in advance of them being featured on OpenSea’s homepage. With the emergence of any new investment tool, such as blockchain supported non-fungible tokens, there are those who…

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Think an NFT is not a security? Don’t bet on it. Three lessons from the Texas and Alabama cease and desist order of Sand Vegas Casino Club | Thompson Coburn LLP – JDSupra

Recently, the Texas State Securities Board and the Alabama Securities Commission each issued emergency cease and desist orders to stop Sand Vegas Casino Club and its principals from selling Non-Fungible Tokens (“NFTs”) in those states. According to Sand Vegas, the proceeds of the sale of NFTs were stated to be used for the creation of virtual-casinos on the Internet and…

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