Former OpenSea executive Nate Chastain to serve 3 months in prison for insider trading

The former head of product at NFT platform OpenSea, Nate Chastain, has received a three month prison sentence for insider trading. Chastain made tens of thousands of dollars worth of insider trades.

The 33 year old was convicted of fraud and money laundering in federal court in New York in May in what has been called the first prominent NFT insider trading case.

Chastain reaped more than $50,000 by buying and selling at least 45 NFTs he knew would be featured on OpenSea’s homepage. Chastain also concealed his purchases using various anonymous wallets and OpenSea accounts, the U.S. Justice Department says.

Prosecutors had called for a close to two year sentence for Chastain.

According to the DOJ, Chastain will face another three months of home confinement and three years of supervised release after his prison term.

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