🚀 🚀 Money Laundering Charges and NFT Scam Schemes - What is Happening!?

Good evening (because it's always evening somewhere!). You're reading "To The Moon," the only newsletter not living a life of crime. So, let's not sacrifice any more digital assets and dive into what's happening in the NFT space this 420.

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• OpenSea's Nathaniel Chastain Faces Money Laundering and Wire Fraud Charges

• ZachXBT Reveals Soulja Boy's Sketchy NFT Scam History

• Half Moons 🌗 - Daily tidbits

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OpenSea's Nathaniel Chastain Faces Money Laundering and Wire Fraud Charges

Buckle up, because today's newsletter is full of (alleged) criminals. First, Nathaniel Chastain, the former head of product at OpenSea, is in hot water for allegedly making illegal profits from NFT sales.

How do you make illegal profits? Well, just do what Nathaniel did - he used insider knowledge to buy NFTs before they were featured on OpenSea's front page and sold them for a profit.

Chastain tried to argue that the term "insider trading" was irrelevant to the case, but the judge denied his motion to remove it. Apparently, this is the first insider trading scheme involving digital assets. However, Chastain's lawyers claim that the assets in question are neither defined as securities nor commodities, so there's some legal grey area there.

The court won't allow witnesses to give their opinions on whether OpenSea suffered harm or not. But, they can still explain how Chastain's actions affected the company.

So, Chastain may elect to testify on "his beliefs regarding the effects of his conduct on OpenSea." His lawyers also claim that the term "insider trading" doesn't accurately reflect the nature of the crime.

You say potato, I say po-tah-toe

This case follows another digital asset insider trading case that concluded in February, and it highlights the importance of transparency and adherence to ethical standards in the digital asset market.

The NFT community will be closely watching Chastain's trial, which could set a precedent for future cases involving insider trading and digital assets.

It's a good reminder to always play by the rules, whether you're buying NFTs or trading stocks. Remember - this is real money we are playing with!

Read the full story here

ZachXBT Reveals Soulja Boy's Sketchy NFT Scam History

ZachXBT is once again proving that he is the GOAT by taking down scammers. This time, he brings down none other than Soulja Boy.

According to ZachXBT's online investigation, the rapper has been promoting NFT drops and then abandoning them, leaving his fans with worthless investments. This classic pump-and-dump scheme has caused significant losses for investors, including those in projects like RapDoge, ParrotsDAO, and Flokinomics.

Soulja Boy Scam'em.

Reports show that Soulja Boy charged up to $12,000 for Instagram promotions and up to $10,000 for Twitter ads during the previous cryptocurrency bull run.

This behavior suggests that the rapper may be more interested in making money than promoting responsible projects to his fans.

You gotta crank that Soulja Boy before it cranks you

The NFT community is calling for more transparency and accountability in the industry, especially as scams continue to rise with the popularity of NFTs. Soulja Boy's actions have left his loyal supporters outraged, and they hope that he will take responsibility for his actions and restore their trust.

Remember, folks, always DYOR before investing in any NFT project, and don't fall for celebrity endorsements without thorough research. Stay vigilant, and happy NFT investing!

Read the full story here

Half Moons 🌓

• Experience the World of deadmau5 Through the Lens of Timothy White with "Shadows" NFTs [NFTEvening]

• LEDGER PRO TEAM Season 2: The Builders, Innovators and Disruptors of Web3 [NFTEvening]

• Sotheby's Wine Guru Jamie Ritchie Joins Blockbar as COO! [NFTEvening]

• AI NFT: How AI is Impacting the NFT Scene [NFTEvening]

Shooting Star 🌠

João Cabral

João Cabral is a photographer based in Oporto, Portugal. He does mostly Black and White photography that is from his travels. You can find João on Twitter @JooBernardoCor1 and Instagram @jccabral_photography to view more of his creations.

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