Queengirl

08/01 09:52

Former OpenSea Employee Acquitted in First Appeal

Former OpenSea Employee Acquitted in First Appeal in NFT Insider Trading Case — Here’s What Changed 

A former OpenSea product manager has successfully overturned his conviction in what was once believed to be the first insider trading case involving non-fungible tokens.

A U.S. federal appeals court’s ruling on Thursday was a major setback for prosecutors hoping to apply traditional financial crime laws to the booming crypto sector.

The case involved Nathaniel Chastain, a 35-year-old Massachusetts native who oversaw the curation of the front page of OpenSea, the world’s largest NFT marketplace.

In May 2023, Chastain was convicted of insider trading fraud and money laundering for using insider information to buy NFTs just before they were listed on the platform’s front page, then reselling them for a profit.

 

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