Nathaniel Chastain, former director of popular NFT marketplace OpenSea, has been convicted of insider trading and money laundering charges.
The U.S. Southern District Court of New York after the hearing on Wednesday, May 3 OpenSeaHe decided that the former manager of . insider trading And money laundering executive convicted of crimes how many years will he be in prison although it is not clear yet up to 40 years expected to be punished.
of the year 2022 June The lawsuit, filed in May, pointed to Nathaniel Chastain’s involvement in insider trading and money laundering crimes while he was a manager at OpenSea. Chastain appealed at that time, denying the allegations and innocent he had argued.
Chastain, after insider trading allegations against him went viral on social media September 2021He had to resign from his CTO position in . Former executive from insider trading operations, according to court documents Earnings of more than $50,000 achieved.
Prosecutor leading the trial Damian Williams He stated that what happened was outright fraud:
Nathanial Chastain used his advanced knowledge of which NFTs to feature on OpenSea’s website to make profitable trades for himself. While this case involved new trades in crypto assets, there was nothing particularly innovative in his behavior. This was a clear fraud.