There has been a great deal of consternation related to the potential for market abuse and manipulative activity in the NFT sector. Previously, there had been little guidance as to how extant securities and financial crime laws might be applied to the space, however that changed dramatically in June 2022. Though there is no specific statute prohibiting market abuse in NFTs, the U.S. The Attorney’s Office for the Southern District of New York has made clear that existing wire fraud laws (under the concept of defrauding the market) may well be applied to markets involving non-fungible tokens. The case in question involves a former employee of the well-known NFT marketplace OpenSea, who is alleged to have committed insider trading by leveraging material non-public information, obtained as a result of his employment, to profit from the purchase and sale of NFTs.