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February 9th - Goldman Sachs trading arm stated that after a rebound in U.S. stocks last Friday, almost recovering the weeks brutal losses, this week will face further selling pressure from trend-following algorithmic funds. The S&P 500 has broken through a short-term trigger point, prompting commodity trading advisors (CTAs) to sell stocks. Goldman Sachs expects these systematic strategies, which track stock market movements rather than fundamental factors, to remain net sellers in the coming week, regardless of market direction. Goldman Sachs stated that if the stock market falls again, it could trigger approximately $33 billion in selling this week. If market pressure persists and the S&P 500 falls below 6707 points, there could be as much as $80 billion in systemic selling over the next month. In a stable market environment, CTAs are expected to sell approximately $15.4 billion in U.S. stocks this week, and even if the stock market rises, these funds are still expected to sell approximately $8.7 billion.February 9th - Goldman Sachs trading arm stated that after a rebound in U.S. stocks last Friday, almost recovering the weeks brutal losses, this week will face further selling pressure from trend-following algorithmic funds. The S&P 500 has broken through a short-term trigger point, prompting commodity trading advisors (CTAs) to sell stocks. Goldman Sachs expects these systematic strategies, which track stock market movements rather than fundamental factors, to remain net sellers in the coming week, regardless of market direction. Goldman Sachs stated that if the stock market falls again, it could trigger approximately $33 billion in selling this week. If market pressure persists and the S&P 500 falls below 6707 points, there could be as much as $80 billion in systemic selling over the next month. In a stable market environment, CTAs are expected to sell approximately $15.4 billion in U.S. stocks this week, and even if the stock market rises, these funds are still expected to sell approximately $8.7 billion.US President Trump: The US election is full of fraud and theft, and has become a laughing stock around the world.Market news: Multiple explosions were heard in Kyiv, the capital of Ukraine.Domestic News: 1. Guotou Silver LOF: Trading suspended from opening on February 9th until 10:30 AM. 2. Several banks raise deposit interest rates as the Spring Festival approaches. 3. Macaus daily inbound and outbound passenger flow breaks record again with 867,000 visits. 4. Jiangsu Provincial Government holds symposium for real estate professionals. 5. Qianwen and Yuanbao red envelope codes can now be copied on WeChat. 6. Hong Kong Financial Secretary Paul Chan: Hong Kongs achievements in cultivating new productive forces are gradually becoming apparent. 7. Hong Kong SAR Government summons Panamas Consul General again, criticizing the ruling for causing profound damage to Panamas economic development. International News: 1. Middle East Situation: ① Hamas senior official: As long as Israel continues its occupation, the Palestinians will not stop resisting. ② Israeli Prime Minister Netanyahu will meet with Trump next Wednesday to discuss the Iranian issue. ③ Iranian Foreign Minister: Iran will never accept "zero enriched uranium". ④ Iranian Armed Forces Chief of Staff: No interest in launching a regional war. ⑤ Pentagons "pizza index" surges. 2. Japanese Election: ① Exit polls: Japans ruling coalition is expected to win a majority of seats in the House of Representatives. ② NHK: The ruling coalition led by Prime Minister Sanae Takaichi is poised to win at least two-thirds of the seats in the House of Representatives. ③ Prime Minister Sanae Takaichi: Will accelerate consideration of reducing the consumption tax. A weak yen has both advantages and disadvantages. 3. Russia-Ukraine Situation: ① Russian media: The US-India joint statement did not mention abandoning the purchase of Russian oil. ② Ukrainian President Zelensky: Russian energy infrastructure is a legitimate target of Ukraines attacks. ③ Ukrainian Foreign Minister denies any connection between Ukraine and the attack on the Russian general. 4. Denmark: Negotiations with the US on Greenland have not met expectations. 5. Data analysis from Vanda Research shows that retail investors poured $430 million into the largest silver ETF, SLV, in the six trading days ending Thursday. 6. US Treasury Secretary Bessenter: Does not expect the Federal Reserve to act quickly on the balance sheet issue. Believes Warsh will be very independent. 7. The Bhumjaithai Party announced that it has become the largest party in the Thai House of Representatives.

Former OpenSea Executive Asks US Court to Dismiss Insider Trading Charges

Jimmy Khan

Aug 23, 2022 14:16

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The Department of Justice (DOJ) accused Nathaniel Chastain, the former head of product of OpenSea, in June of this year on suspicion of taking part in wire fraud and money laundering.


Prosecutors in Manhattan claimed that Chastain had covertly purchased non-fungible tokens (NFT) based on proprietary knowledge in what was thought to be the first case in the United States to charge insider trading in digital assets. The ex-executive is now requesting that insider trading allegations surrounding the sale of NFTs be dropped in a US court.

DOJ Case

Lawyers for Chastain contend in a document submitted to the United States District Court for the Southern District of New York that NFTs cannot be categorized as securities or commodities, which is necessary for accusations of wire fraud. They also said that the US government simply brought charges in an effort to establish a legal precedent that NFTs are securities.


The DOJ asserts that Chastain purchased NFTs that were intended to be shown on OpenSea's site covertly before reselling them at a profit after they had been showcased. More precisely, he made 11 separate purchases of 45 NFTs based on secret knowledge.


The NFTs were sold by Chastain for a price that was two to five times what he originally paid after deciding to highlight them on the website. Chastain covered up his fraud by making these transactions through anonymous hot wallets and anonymous OpenSea user accounts. He has entered a not guilty plea to the two accusations, which each carry a potential 20-year jail term.


The NFT transactions in issue, according to his attorneys, were completed on the Ethereum (ETH) blockchain, which is open source and accessible to the public. They contend that this eliminates the possibility that the transactions were used for money laundering.

Request for Dismissal

Chastain's arguments center on the idea that while the law forbids insider trading to safeguard the financial markets, it does not require businesses to maintain the confidentiality of information. As a result, his legal team has submitted a request to dismiss the charges against him on the grounds that the NFTs were not the platform's property under the law.


In fact, the case presents challenging legal issues about whether insider trading in non-stocks or non-commodities is illegal.


The U.S. Supreme Court, according to Chastain, has restricted what constitutes wire fraud, which generally forbids plans to gain property. He is certain that from a legal standpoint, it is impossible to emphasize a particular NFT as property.


In September 2021, Chastain parted ways with OpenSea, the biggest online market for buying and selling NFTs. Since then, she has started working on a brand-new NFT platform called Oval.


OpenSea said this month that it would modify how it manages NFT assets that are reported as missing. When an NFT was flagged as stolen, the firm would previously prevent it from being purchased, traded, or transferred on its platform while it investigated each case. However, it is now necessary to file a police complaint within seven days of doing so.


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