Nathaniel Chastain was found guilty of what prosecutors called “the first-ever digital asset insider trading scheme.”
“Nathaniel Chastain is on trial for breaching a trust placed in him by his employer and using confidential OpenSea information for his own benefit. The court’s decision should serve as a warning to other corporate insiders that insider trading in any form is unacceptable,” said U.S. Attorney Damian Williams.
As a result of the trial, Chastain was sentenced to three months in prison, a fine of $50,000, and three years of probation under the supervision of law enforcement.
Chastain’s scam was exposed by a Twitter user named Zuwu in 2021. The expert expressed suspicion against OpenSea that its employee is buying up potentially profitable NFTs before their public presentation on the platform.
Source: Bits
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