News Explorer — Former OpenSea Manager Sentenced to Prison for NFT Insider Trading

A former product manager at OpenSea, Nathaniel Chastain, has been sentenced to three months in prison for insider trading involving nonfungible tokens (NFTs). Chastain was convicted of fraud and money laundering for buying NFTs that he knew would be featured on OpenSea’s homepage. Prosecutors accused him of stealing confidential information and making illegal profits of over $50,000. Chastain’s lawyers argued that OpenSea did not consider knowledge of featured NFTs as confidential information during his employment.

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