US prosecutors have formally dropped their case against former OpenSea manager Nathaniel Chastain following an appeals court reversal that dismantled what was once positioned as the first NFT insider trading prosecution in American history.
According to sources, the Justice Department announced Wednesday it would enter a one-month deferred prosecution agreement before dismissing the indictment with prejudice. […]
Manhattan US Attorney Jay Clayton, a former SEC chair, told the federal court that prosecutors would not retry the case given Chastain had already served three months in prison and agreed not to contest forfeiture of 15.98 ETH worth $47,330.
“The interest of the United States will be best served by deferring prosecution of this matter and not retrying the case,” Clayton wrote in the court filing.
Source: DOJ Drops OpenSea NFT Fraud Case After Appeals Court Overturns Conviction