Aug 23, 2023

Nate Chastain, the former head of product at OpenSea, has received a three month prison sentence in what the prosecutors are calling the first-ever digital asset insider trading scheme.

Video transcript

Nate Chasin, the former head of product at Open Sea. He was sentenced to three months of prison time. Uh This is an insider trading case. Could you tell us what happened there? Yeah. So Nate Chastain and the former Open C executives who was arrested last year on allegations of uh basically buying up NFTS and flipping them knowing that they would be uh featured on open C his home page. Uh So he was convicted of uh you know, a couple of charges tied to, you know, these inside trading allegations. And uh yesterday, he was sentenced to three months in jail, three months home confinement, three years of supervised release. A believe it was a $50,000 fine and he has to forfeit the NFTS that uh he got, you know, during this uh period. Um So relatively speaking, I think it does not seem to be a very, you know, severe penalty for what he's been accused of. Uh you know, he'll be home. Uh He has us under a surrender on November 2nd. He'll be home, you know, early in the New Year and that's a three month sentence, right? Nick, right? Three months uh in prison, followed by another three months of home confinement.

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