Former OpenSea Employee Appeals Insider Trading Conviction, Argues NFT Information Not Considered “Property”
Nathan Chastain, a former OpenSea employee convicted of wire fraud and money laundering in relation to insider trading, has filed an appeal with the United States Court of Appeals in an effort to overturn his conviction. Chastain’s legal team claims that the information he used to profit from NFTs in the marketplace should not be considered “protected property.”
According to the legal team, the information in question had no commercial value, and they stated in the appeal brief that not all confidential information can be classified as property.
Polygon Co-founder Proposes Solution to Inscription Spam Issue on EVM Blockchains
As inscription producers shifted from Bitcoin to EVM-compatible platforms, the networks became inundated with inscription transactions, as it provided a way to bypass traditional NFT minting fees. This influx of transactions overwhelmed the Arbitrum network, causing it to go offline for over an hour on December 15, 2023. Several other blockchains also experienced similar disruptions in the following days.
In an interview with Cointelegraph, Brendan Farmer, co-founder of Polygon, suggested that parallelized EVMs could resolve this issue. Farmer explained that parallelism enables unrelated transactions to be processed more efficiently, potentially allowing blockchains to handle spam by increasing their throughput.
Interpol Report Highlights Metaverse’s Potential in Law Enforcement
Interpol’s metaverse division recently published a report exploring the various ways in which the metaverse could be utilized to assist law enforcement agencies. The report emphasized the potential use of metaverse environments for immersive police training.
According to the report, metaverse training simulations could be used to recreate crime scenes, share information, and plan tactics. Interpol believes that this approach could enhance frontline policing competencies.
Nifty News: Trump NFTs Offer Free Ordinals, Pudgy Penguins NFT Collection Hits All-Time High
The team behind Donald Trump’s NFT collection is seeking to boost sales of the controversial Mugshot Edition by offering free Bitcoin Ordinals trading cards to users who purchase 100 or more NFTs.
In other news, the Pudgy Penguins NFT collection reached an all-time high on January 17, with a floor price of 19.05 Ether (ETH), equivalent to $47,000.
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