News - Ex-OpenSea manager must go to jail

By Mike Hesp

Ex-OpenSea manager must go to jail

NFT

Three months in jail, a couple of years' probation and a hefty fine: that's the punishment awaiting ex-OpenSea manager Nathaniel Chastain.

Nathaniel Chastain, ex-product manager of OpenSea, is in the United States Convicted of insider trading.

In total, Chastain must serve three months in jail, three months of house arrest and three years of probation, the court announced. He will pay a $50,000 fine and must pay back all of his illegally obtained Ethereum and NFTs.

Among other things, Chastain allegedly secretly bought NFTs before listing them and resold them for higher prices.

"Today's ruling should serve as a warning to other corporate insiders that insider trading - regardless of the market - will not be tolerated," the U.S. Attorney's Office said.

It was the first insider trading lawsuit in digital assets.

Last summer, a former Coinbase employee was also arrested for insider trading. The former product manager allegedly systematically used tips about upcoming listings on the crypto exchange.

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