Opensea Executive Jailed
Nate Chastain of OpenSea gets 3 months in jail for sneaky NFT trades. This big case shows that insider trading, even in new markets like NFTs, faces tough consequences.
Nate Chastain, previously the main person at NFT platform OpenSea, will be in prison for three months for insider trading.
Chastain, 33, was found guilty of tricking people and hiding money in New York in May. This is seen as the first big NFT insider trading case. He earned more than $50,000 by trading NFTs that he knew would be popular, hiding his actions with secret online wallets and accounts, says the U.S. Justice Department.
Though the law wanted him to spend about two years in jail, Chastain got a shorter time. This is because he didn't earn a lot from his bad actions. At that time, the NFT market was worth about $40 billion.
U.S. Attorney Damian Williams said on Monday that this case shows business people that bad actions like Chastain's won't be allowed.
After jail, Chastain will stay at home for three more months and be watched for three years.
