Former OpenSea Product Manager Sentenced to Prison for Insider Trading and Money Laundering
Summary:
Former OpenSea product manager Nathaniel Chastain has been sentenced to three months in prison for wire fraud and money laundering related to insider trading on the platform. He will also serve three months of home confinement, three years of supervised release, pay a $50,000 fine, and forfeit ill-gotten Ether (ETH) from the NFT trades. Chastain's lawyers plan to appeal the decision and request bail.
Former OpenSea product manager Nathaniel Chastain has been sentenced to three months in prison for wire fraud and money laundering related to insider trading on the platform. U.S. Attorney Damian Williams announced on August 22 that Chastain will also serve three months of home confinement, three years of supervised release, pay a $50,000 fine, and forfeit ill-gotten Ether (ETH) from the NFT trades. Chastain's lawyers plan to appeal the decision and request bail, while the judge acknowledged his potential promising future but emphasized the need for punishment.
Published At
8/22/2023 9:37:59 PM
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