Ex-OpenSea manager withdraws bail application, to surrender for 3-month sentence
Nate Chastain was convicted of money laundering and wire fraud in May for using insider information while serving as OpenSea manager to front run customers.
Nate Chastain was convicted of money laundering and wire fraud in May for using insider information while serving as OpenSea manager to front run customers.
The prosecution said Nathaniel Chastain used anonymous accounts to commit fraud and money laundering, resulting in a first-ever conviction of such charges in the digital asset industry.
Apart from ruling against Nathaniel Chastain's plea to avoid using the term "insider trading" during the trial, the district court judge also denied the motion to present proof and argument on compensation.
Nathaniel Chastain, who faces charges in connection with alleged front-running OpenSea users, says NFTs aren’t commodities or securities so he can’t be charged with insider trading.
The U.S. Department of Justice announced that it is prosecuting a former employee of Ozone Networks, Inc (OpenSea) with wire fraud and money laundering in connection with a scheme to commit insider trading in NFTs.