admitted<\/a> that Chastain had carried out such a scheme and said it would ban employees from using confidential information to trade NFTs.<\/p>\nThe incident caught the attention of federal prosecutors, who treated the case in a similar fashion to regular insider trading. The US Attorney's Office noted that Chastain sold the NFTs for between two and five times the original purchase price.<\/p>\n
Along with his prison sentence, Chastain must serve three months of home confinement and three years of supervised release. He also needs to pay a $50,000 fine and forfeit the Ethereum he obtained from his illicit NFT trading.<\/p>\n
"Nathanial Chastain faced justice today for violating the trust that his employer placed in him by using OpenSea\u2019s confidential information for his own profit," US attorney Damian Williams said in a statement. "Today\u2019s sentence should serve as a warning to other corporate insiders that insider trading \u2014 in any marketplace \u2014 will not be tolerated.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Former OpenSea employee Nathanial Chastain has been sentenced to three months in prison over an NFT (non-fungible token) insider trading scheme. Chastain, who was found guilty of wire fraud and money laundering, used "confidential information about which NFTs were going to be featured on OpenSea\u2019s homepage for his personal financial gain," according to the US […]<\/p>\n","protected":false},"author":6,"featured_media":4333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,6785,95,922,6786,920],"tags":[59,6787,101,925,6788,923],"yoast_head":"\n
Ex-OpenSea employee receives prison sentence for NFT insider trading - Best News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aitesonics.com\/ex-opensea-employee-receives-prison-sentence-for-nft-insider-trading-153628983\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ex-OpenSea employee receives prison sentence for NFT insider trading - Best News\" \/>\n<meta property=\"og:description\" content=\"Former OpenSea employee Nathanial Chastain has been sentenced to three months in prison over an NFT (non-fungible token) insider trading scheme. 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