COINTURK NEWSCOINTURK NEWSCOINTURK NEWS
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Search
© 2024 COINTURK NEWS. All Rights Reserved.
Reading: Former OpenSea Manager Accepts Prison Sentence for Insider Trading
Share
Languages
  • TürkçeTürkçe
  • EspañolEspañol
Font ResizerAa
COINTURK NEWSCOINTURK NEWS
Font ResizerAa
Search
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
COINTURK NEWS > NFT News > Former OpenSea Manager Accepts Prison Sentence for Insider Trading
NFT News

Former OpenSea Manager Accepts Prison Sentence for Insider Trading

In Brief

  • Nathaniel Chastain, the former executive of the NFT marketplace OpenSea, has decided to serve his three-month prison sentence for insider trading. He withdrew his bail application while the appeal process was ongoing. Chastain has also been sentenced to pay a $50,000 fine and have his illicitly gained crypto assets confiscated. The prosecution continues to bring […]
COINTURK NEWS
COINTURK NEWS 2 years ago
Share
SHARE

Nathaniel Chastain, the former executive of the NFT marketplace OpenSea, has decided to serve his three-month prison sentence for insider trading. He withdrew his bail application while the appeal process was ongoing. Chastain has also been sentenced to pay a $50,000 fine and have his illicitly gained crypto assets confiscated. The prosecution continues to bring bad news for Nathaniel Chastain, who is accused of gaining illicit profits by abusing his authority on OpenSea.

Contents
Withdrawal of Bail ApplicationShocking Allegations

Withdrawal of Bail Application

A former manager of the NFT marketplace OpenSea, who was sentenced to three months in prison for insider trading, has decided to withdraw his bail application and serve his sentence while the appeal process continues. On September 6, Nathaniel Chastain’s lawyers sent a letter to the New York District Court informing them of Chastain’s decision to withdraw his bail application during the appeal process.

According to the previous court decision, Chastain will surrender by November 2 and begin serving his sentence while the appeal process continues. Chastain, a former product manager at OpenSea, was convicted of wire fraud and money laundering on May 3 and sentenced to three months in prison for insider trading on the NFT platform on August 22.

Shocking Allegations

In addition, Chastain has been ordered to pay a $50,000 fine and have the crypto assets he illicitly gained through trading on OpenSea confiscated. Chastain had control over which NFTs and collections appeared on OpenSea’s homepage and allegedly used this authority to significantly increase the visibility of the NFT collections he gained profits from, which likely affected their prices.

It is alleged that Chastain purchased 45 NFT collections on OpenSea before they were displayed on the homepage and then resold them for profit when their prices increased. Prosecution attorney Allison Nichols argued that Chastain knew he was breaking the law by using anonymous OpenSea accounts for trading.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

You Might Also Like

FIFA Energizes Fan Experience with New NFT Platform

Waylon Wilcox Faces Legal Consequences for Failing to Report $13 Million in NFT Sales

Shocking Loss in Crypto Art Investment Exposes Market Vulnerabilities

CryptoPunks Captivate Collectors Despite Market Decline

Exciting Shift: Aavegotchi Moves to Base Network for Greater Reach

COINTURK NEWS 7 September, 2023 - 7:25 pm 7 September, 2023 - 7:25 pm
Share This Article
Facebook Twitter
Share
Previous Article Palau Halts Palau Stablecoin Project Due to Pilot Issues
Next Article Resignations of Top Binance Executives Could Have a Major Impact on Binance, Says Stark
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

8.1k Like
21.1k Follow
1.1k Follow

Latest News

Goldman Sachs Embraces Cryptocurrency with New Investments
Cryptocurrency News
Trump Shakes Up Washington with Determined Cryptocurrency Moves!
Cryptocurrency Law
U.S. Markets Fuel Surge in Cryptocurrency Values
Cryptocurrency News
BlackRock Drives Bitcoin and Ethereum Surge: An Unmatched Force in Cryptocurrency
Ethereum (ETH)
//

COINTURK was launched in March 2014 by a group of technology enthusiasts who believe that Bitcoin will be as important as the internet in the world of the future thanks to the amazing technology underlying it.

CRYPTOCURRENCY LIVE PRICES

  • Bitcoin (BTC) Live Price
  • Ethereum (ETH) Live Price
  • Ripple (XRP) Live Price
  • Solana (SOL) Live Price
  • Dogecoin (DOGE) Live Price
  • Cardano (ADA) Live Price
  • Chainlink (LINK) Live Price

OUR PARTNERS

  • COINMARKETCAP
  • COINGECKO
  • BITCOINHABER
  • BH NEWS
  • 21MILYON
  • NEWSLINKER

OUR COMPANY

  • About Us
  • Cookie Policy
  • Advertising
  • Contact
COINTURK NEWSCOINTURK NEWS
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
Welcome Back!

Sign in to your account

Lost your password?