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Chastain, 33, was convicted of fraud and money laundering in federal court in New York in May. The conviction marked the end to what prosecutors called the first prominent NFT insider trading case. Chastain reaped more than $50,000 by buying and selling at least 45 NFTs he knew would be
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Nate Chastain, the former head of product at non-fungible token (NFT) platform OpenSea, was convicted of money laundering and wire fraud in a New York court on Wednesday, according to a report from Reuters. Original Source
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Furman wrote: "Chastain seizes on two references in the Indictment and statements made by the Government (in a press release and at the initial conference in this case) to assert that he is charged with 'insider trading.' But he is not charged with insider trading, at least in the classic
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The motion argues the NFT sales in question cannot be classified as instances of inside trading because NFTs are neither securities, nor commodities. Source
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Department of Justice officials say it's the first time they've pursued an "insider trading" charge involving digital assets. Original Source
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