OpenSea former exec imprisoned for NFT insider trading
A former head of product at NFT marketplace giant OpenSea has been sentenced to prison and will forfeit the Ethereum (ETH) he gained from his insider trading activities. In May, Nathanial ‘Nate’ Chastain was convicted of fraud and money laundering. The update was revealed in a press release on Aug. 22. Chastain, whose job at OpenSea included selecting NFTs appearing on the platform’s front page, will serve a three-month jail term and another three months of home confinement. The former OpenSea executive will also be subject to three years of supervised release, pay a fine of $50,000, and forfeit the ETH he gained from the NFT insider trading . You might also like: Thai SEC levies $234,000 fine against BitKub executive for alleged insider trading Between June and September 2021, the product manager took advantage of confidential information to purchase NFTs that he knew would appear on OpenSea’s homepage. When such NFTs were eventually featured, t...