OpenSea manager accused of insider trading sentenced to 3 months in prison, $50K fine
Nathaniel Chastain will reportedly have until Nov. 2 to surrender himself following his conviction for wire fraud and money laundering related to insider trading on OpenSea. 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. In an Aug. 22 announcement from the United States Department of Justice, U.S. Attorney Damian Williams said Chastain 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. Inner City Press reported he would be required to surrender himself on Nov. 2, with Chastain's lawyers planning to appeal the decision and request bail. “Respect for the law and general deterrence militate for punishment,” reportedly said the judge at sentencing. “But [Cha...