Damian Williams, U.S. Attorney SDNY<\/cite><\/blockquote>\n\n\n\nFederal prosecutors sought a two-year sentence for Chastain, citing a similar insider trading case involving a Coinbase manager who was sentenced earlier this year. However, the judge overseeing the ex-OpenSea executive\u2019s case gave a lenient sentence, stating that he was a first-time offender and the proceeds from his NFT insider trading were considerably less than the Coinbase case. <\/p>\n\n\n\n
Chastain was indicted by federal prosecutors in June last year. He was accused of abusing his position at OpenSea to buy NFTs that were set to be featured on the marketplace\u2019s homepage. The former executive made more than $50,000 between June 2021 and September 2021 through his insider trading scheme. <\/p>\n\n\n\n
Chastain reportedly used multiple wallets to route his funds and cover his tracks. After the former OpenSea executive was formally charged, his lawyers entered a not-guilty plea and later argued that no one told him that he couldn\u2019t use or share the insider information in question. <\/p>\n","protected":false},"excerpt":{"rendered":"
Former OpenSea executive Nathaniel Chastain has received a 3 month sentence in the NFT insider trading case. <\/p>\n","protected":false},"author":62,"featured_media":583766,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,22,2,108339],"tags":[130,108637,108182,108371],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/583764"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=583764"}],"version-history":[{"count":2,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/583764\/revisions"}],"predecessor-version":[{"id":583767,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/583764\/revisions\/583767"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/583766"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=583764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=583764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=583764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}