Nathaniel Chastain, 33 years old, was convicted of wire fraud and money laundering in May. Prosecutors said that Chastain used confidential information to trade on nonfungible tokens before OpenSea advertised them on its home page.
Before handing down the sentence, which also included a $50,000 fine and three months of home confinement, U.S. District Judge Jesse Furman said that determining the appropriate punishment was unusually difficult. The judge said Chastain saw relatively little financial gain, and the judge questioned whether the case would have been prosecuted if it hadn’t happened in a new and sexy area of commerce. Furman added that Chastain knew what he was doing was wrong.
Source: Ex-OpenSea Employee Sentenced to Three Months in First NFT Insider-Trading Case – WSJ
