Nathaniel Chastain, former Head of Products of OpenSea, the world’s largest non-fungible token (NFT) marketplace, has been sentenced to three months in prison for exploiting his position to obtain insider knowledge about specific NFT assets.Chastain was found guilty by United States District Judge Jesse Furman for using underground non-public information to conduct trades on NFTs assets for personal gain. He had attempted to conceal his fraudulent activities by creating multiple digital wallets and OpenSea NFT accounts to purchase upcoming NFTs on OpenSea’s platform.In addition to his jail term, Chastain has been ordered to pay a $50,000 fine and 200 hours of community service by the federal judge. He has also been ordered to relinquish 15.98 ether, which is presently worth about $26,000.Chastain was laid off from his position at OpenSea after the NFT marketplace conducted an investigation that revealed that the former executive was violating OpenSea’s community rules and regulations. This resulted in him losing valuable equity said to be worth millions of dollars in the company, as well as his reputation and prestige being tarnished.During the court case, prosecutors had appealed for 21-27 months imprisonment for Chastain, which would’ve meant the ex-OpenSea executive would’ve spent up to 2 years behind bars. However, Chastain’s attorneys pleaded for no prison time, citing that he had already lost his reputation, job, and considerable equity.Nathaniel Chastain, former Head of Products of OpenSea, has been sentenced to three months in prison for insider trading. He was found guilty of using underground non-public information to conduct trades on NFTs assets for personal gain. In addition to his jail term, Chastain has been ordered to pay a $50,000 fine and 200 hours of community service, as well as relinquish 15.98 ether, which is presently worth about $26,000. Prosecutors had appealed for 21-27 months imprisonment, but Chastain’s attorneys pleaded for no prison time, citing that he had already lost his reputation, job, and considerable equity.

Information	Details
Geography	North America
Countries	🇺🇸 🇨🇦
Sentiment	negative
Relevance Score	8
People	Nathaniel Chastain, Jesse Furman, Ishan Wahi,
Companies	OpenSea, Crypto Twitter (now X), United States District Judge Jesse Furman, Coinbase, Crypto Total Market Cap on Tradingview.com
Currencies	None
Securities	None