Nate Chastain, formerly an employee at OpenSea, has been sentenced to three months in prison on insider trading charges according to the U.S. DOJ on Aug. 22.
U.S. Attorney Damian Williams commented:
“Nathanial Chastain faced justice today for violating the trust that his employer placed in him by using OpenSea’s confidential information for his own profit. Today’s sentence should serve as a warning … that insider trading … will not be tolerated.”
In addition to his three-month prison sentence, Chastain will serve three months of house arrest and three years of supervised release.
Chastain will additionally pay a $50,000 fine and surrender any Ethereum (ETH) that he earned by illegally trading non-fungible tokens (NFTs). Reuters separately reported, based on the latest court proceedings, that Chastain will surrender $26,000 in ETH.
Reuters also suggested that prosecutors aimed to have Chastain serve a lengthier prison sentence ranging between 21 months and 27 months. Chastai
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