TechFlow reported, according to CoinDesk, that former OpenSea product manager Nate Chastain has been sentenced to three months in prison for insider trading.
In May this year, Chastain was convicted in a New York federal court on charges of wire fraud and money laundering. Chastain used non-public information to purchase at least 45 NFTs before they were featured on OpenSea's homepage, then sold them at prices 2 to 5 times higher. He concealed these transactions through multiple anonymous wallets and OpenSea accounts, profiting over $50,000.
The case, brought by the U.S. Attorney’s Office for the Southern District of New York (SDNY) against Nate Chastain, is known as the first "NFT insider trading" case.
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