What is the alleged fraud then? It seems pretty clear that this is what he is accused of:
> From at least in or about June 2021 to at least in or about September 2021, CHASTAIN used OpenSea’s confidential business information about what NFTs were going to be featured on its homepage to secretly purchase dozens of NFTs shortly before they were featured. After those NFTs were featured on OpenSea, CHASTAIN sold them at profits of two- to five-times his initial purchase price. To conceal the fraud, CHASTAIN conducted these purchases and sales using anonymous digital currency wallets and anonymous accounts on OpenSea.
Not sure what the fraud here is. Who is the victim? The person who he bought it from? Let's say the company did the purchasing and reaped the benefits of being feature on their homepage. Would that be still be crime? It is the same act with different entities. These aren't securities so insider trading doesn't apply.
The fraud, I believe, is that he chose what would be featured, and that he was entrusted not to do this specific thing in his employment agreement. The case seems to revolve around that, to open to door to federal prosecution of otherwise benign (but annoying) actions.
> From at least in or about June 2021 to at least in or about September 2021, CHASTAIN used OpenSea’s confidential business information about what NFTs were going to be featured on its homepage to secretly purchase dozens of NFTs shortly before they were featured. After those NFTs were featured on OpenSea, CHASTAIN sold them at profits of two- to five-times his initial purchase price. To conceal the fraud, CHASTAIN conducted these purchases and sales using anonymous digital currency wallets and anonymous accounts on OpenSea.