<\/p>\n
A judge sentenced Nathanial Chastain, the former OpenSea manager who front-ran his employer\u2019s NFT listings, to three months in prison on Tuesday.\u00a0<\/p>\n
Chastain, a former OpenSea manager, was convicted in a New York court in May<\/a>, found guilty on charges of wire fraud and money laundering. The jury\u2019s verdict cemented the first known insider trading-like case in the NFT sector.\u00a0<\/p>\n Prosecutors had sought roughly 21 to 27 months for Chastain\u2019s sentencing. The value of the ether (ETH<\/a>) proceeds Chastain earned have fluctuated wildly in tune with the market, making pinning down his precise ill-gotten gains more difficult.\u00a0<\/p>\n Chastain made roughly $50,000 \u201cusing his knowledge of confidential information to purchase dozens of NFTs in advance of them being featured on OpenSea\u2019s homepage,\u201d the FBI<\/a> said in 2022.\u00a0<\/p>\n Chastain was charged with a count of wire fraud and a count of money laundering that same year.<\/p>\n \u201cNFTs<\/a> might be new, but this type of criminal scheme is not,\u201d US Attorney Damian Williams said at the time.\u00a0<\/p>\n Chastain resigned from OpenSea<\/a> back in 2021, with OpenSea going on to say that it would impose new practices to prevent similar future misconduct. Chastain\u2019s lawyer had previously argued that he did not violate any company rules with his trades.<\/p>\n Chastain\u2019s defense claimed the case was \u201cunfair\u201d prior to the start of the trial, but the judge overseeing the case denied his motions, allowing the case to proceed.<\/p>\n \u00a0\u201cPut simply, the trial in this case is about whether Chastain committed the charged crimes; it is not about whether the prosecution is fair or unfair,\u201d Judge Jesse Furman then said<\/a>.<\/p>\n Get the day\u2019s top crypto news and insights delivered to your email every evening.\u00a0Subscribe to Blockworks\u2019 free newsletter<\/a>\u00a0now.<\/strong><\/p>\n Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can\u2019t-miss tweets and more from\u00a0Blockworks Research\u2019s Daily Debrief<\/a>.<\/strong><\/p>\n Can\u2019t wait? Get our news the fastest way possible.\u00a0Join us on Telegram<\/a>\u00a0and follow us on\u00a0Google News<\/a>.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" A judge sentenced Nathanial Chastain, the former OpenSea manager who front-ran his employer\u2019s NFT listings, to three months in prison on Tuesday.\u00a0 Chastain, a former OpenSea manager, was convicted in a New York court in May, found guilty on charges of wire fraud and money laundering. The jury\u2019s verdict cemented the first known insider trading-like […]<\/p>\n","protected":false},"author":2,"featured_media":140970,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-140969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/140969","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=140969"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/140969\/revisions"}],"predecessor-version":[{"id":147143,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/140969\/revisions\/147143"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/140970"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=140969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=140969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=140969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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