1 year ago
The attorneys representing Nathaniel Chastain informed the tribunal that Chastain volition self-surrender connected Nov. 2 to statesman serving his sentence.
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A erstwhile manager astatine nonfungible token (NFT) marketplace OpenSea sentenced to 3 months successful situation for insider trading has opted to service the condemnation portion his entreaty is pending.
On Sept. 6, Nathaniel Chastain’s lawyers filed a letter with a New York District Court informing the justice that Chastain decided to retreat his exertion for bail pending appeal.
As a result, per the court's erstwhile bid and judgment, Chastain volition self-surrender by Nov. 2 to statesman serving his condemnation portion his entreaty is pending.
Screenshot of the missive from Chastain’s lawyers. Source: CourtListenerChastain, a erstwhile OpenSea merchandise manager, was convicted connected May 3 connected counts of ligament fraud and wealth laundering and connected Aug. 22 was sentenced to 3 months successful situation for offenses relating to insider trading connected the NFT platform.
He was besides ordered to wage a $50,000 good and forfeit immoderate ill-gotten crypto helium made from trading connected OpenSea.
Related: OpenSea manager accused of insider trading sentenced to 3 months successful prison, $50K fine
Chastain had power implicit which NFTs and collections would beryllium featured connected OpenSea’s homepage — greatly expanding their visibility and perchance impacting their price.
He’s alleged to person purchased 45 NFTs anterior to featuring them connected the homepage and past reselling them for a nett erstwhile their prices had increased.
Prosecuting attorney, Allison Nichols, argued astatine the clip that Chastain knew helium was breaking the instrumentality by utilizing anonymous OpenSea accounts to marque the trades.
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