{"id":21449,"date":"2023-08-22T22:01:46","date_gmt":"2023-08-22T22:01:46","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/opensea-manager-accused-of-insider-trading-sentenced-to-3-months-in-prison-50k-fine\/"},"modified":"2023-08-22T22:01:47","modified_gmt":"2023-08-22T22:01:47","slug":"opensea-manager-accused-of-insider-trading-sentenced-to-3-months-in-prison-50k-fine","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/opensea-manager-accused-of-insider-trading-sentenced-to-3-months-in-prison-50k-fine\/","title":{"rendered":"OpenSea manager accused of insider trading sentenced to 3 months in prison, $50K fine"},"content":{"rendered":"
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A federal judge has sentenced former nonfungible token (NFT) marketplace OpenSea product manager Nathaniel Chastain to 3 months in prison for wire fraud and money laundering related to insider trading on the platform.<\/p>\n
In an Aug. 22 announcement from the United States Department of Justice, U.S. Attorney Damian Williams said\u00a0Chastain had been sentenced to 3 months in prison, 3 months of home confinement, and 3 years of supervised release in addition to being ordered to pay a $50,000 fine and forfeit ill-gotten Ether (ETH) from the NFT trades.\u00a0Inner City Press reported<\/a> he would be required to surrender himself on Nov. 2, with Chastain’s lawyers planning to appeal the decision and request bail.<\/p>\n \u201cRespect for the law and general deterrence militate for punishment,\u201d reportedly said the judge at sentencing. \u201cBut [Chastain] is a first time offender. There are mitigating circumstances. He has a potentially promising future.\u201d<\/p>\n OK- near end of sentencing in US v Nate Chastain, described as 1st “NFT insider trading” case. But loss\/gain amount is less than $50,000, defense lawyer Miller (who also repped Wahi) says. Judge has taken 5 minute break before announcing sentence. Watch this feed pic.twitter.com\/KyeScdCGAP<\/a><\/p>\n\n