Former OpenSea Manager Sentenced to Prison for Insider Trading Opts to Serve Sentence During Appeal
Summary:
Former OpenSea manager sentenced to prison for insider trading chooses to serve sentence while appealing conviction. Nathaniel Chastain, convicted of wire fraud and money laundering, will surrender by November 2nd. He had control over featured NFTs on OpenSea's homepage and profited from trading them. Chastain was also fined $50,000 and will forfeit any illicit crypto earnings.
A former manager at the nonfungible token (NFT) marketplace OpenSea has chosen to serve his three-month prison sentence for insider trading while his appeal is pending. Nathaniel Chastain, convicted of wire fraud and money laundering on May 3, informed the judge through a letter filed by his lawyers on Sept. 6 that he is withdrawing his application for bail. As a result, he will self-surrender by Nov. 2 to begin serving his sentence. Chastain, a former product manager at OpenSea, was found guilty of insider trading on the NFT platform and was also fined $50,000. He had the power to decide which NFTs and collections would be featured on OpenSea's homepage, potentially impacting their prices. He allegedly purchased 45 NFTs before featuring them and then sold them once their prices had increased. Prosecuting attorney Allison Nichols argued that Chastain knowingly broke the law by using anonymous OpenSea accounts for the trades.
Published At
9/7/2023 6:00:00 AM
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