Nathaniel Chastain, the ex-former manager of OpenSea aka Ozone Networks has been arrested for insider trading. After the case hearing, he was sentenced to three months in prison for NFT (Non-Fungible Tokens) insider trading. It is important to note that it is the first time ever taken insider trading involving Non-Fungible Tokens (NFTs).
Damian Williams, the U.S. Attorney oversaw the case and discussed the seriousness of the case of sentencing. He focused on how Chastain has breached the limits and trust of the employer he placed on him. And for that, Williams shared the details of the case and assured that Chastain has faced the law and will face the legal circumstances.
Chastain isn’t only supposed to face prison as he’ll have to pay a fine of $50,000 as well. Moreover, he’ll be confined to his house for three months and will be properly supervised for three years even after his bail. Not only this, the Ethereum (ETH) he earned from featured NFTs trading will also be confiscated.
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.— Inner City Press (@innercitypress) August 22, 2023
After the decision put in writing by the judge, Chastain’s defence requested for the bail. The judge adjourned the appeal till the 2nd of November 2023 and put in writing for Chastain to surrender till the said date.
Back in 2022, on June 1st, Chastain was alleged for the first ever NFTs insider trading, money laundering and wire fraud. After almost a complete year, these charges were proved on the 3rd of May 2023 and ex-manager Chastain was brought to the court to face the charges.
The case was filed by the DOJ (Department of Justice), which claimed that Chastain had been found guilty of mistrusting the employer, insider trading, and fraudulent activity of manipulating the information for personal financial gain. Chastain tried to avoid the allegations by concealing his actions. However, he is charged with the penalty and will face the legal circumstances.
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