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Three Months in Prison for Chastain Guilty of Insider Trading OpenSea NFTs,Vows to Appeal

By Matthew Russell Lee, Patreon Maxwell Book

SDNY COURTHOUSE, Aug 22 – Already there have been several civil Non-Fungible Token cases in the U.S. District Court for the Southern District of New York.

On June 1, 2022 a criminal case was unsealed, charging NATHANIEL CHASTAIN, a former product manager at Ozone Networks, Inc. d/b/a OpenSea (“OpenSea”), with wire fraud and money laundering in connection with a scheme to commit insider trading in Non-Fungible Tokens, or “NFTs,” by using confidential information about what NFTs were going to be featured on OpenSea’s homepage for his personal financial gain."

 Inner City Press covered the trial (below) until, on May 2, 2023, Chastain was found guilty and his sentencing set for August 22.

On August 22, Chastain was sentenced to three months in prison and a $50,000 fine. Inner City Press thread:

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. 

All rise! Judge: Respect for the law and general deterrence militate for punishment. But he is a first time offender. There are mitigating curcumstances. He has a potentially promising future...

Judge: There was a 2017 case, a few thousand dollars of profit, less than a year sentence. Mr Chastain, I sentence you to 3 months in prison. Story soon. Inner City Press @innercitypress ·

Judge: Mr. Chastain is to self-surrender to prison Nov 2, 2023 at 2 pm. Defense: We request bail pending appeal. Judge: Put it in writing. Before Nov 2... Adjourned.

Watch this site.

 

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