Former OpenSea manager withdraws application for bail pending appeal
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A former manager at nonfungible token (NFT) marketplace OpenSea sentenced to three months in prison for insider trading has opted to serve the sentence while his appeal is pending.
On Sept. 6, Nathaniel Chastain’s lawyers filed a
Chastain had control over which NFTs and collections would be featured on OpenSea’s homepage — greatly increasing their visibility and possibly impacting their price.
He’s alleged to have purchased 45 NFTs prior to featuring them on the homepage and then reselling them for a profit once their prices had increased.
Prosecuting attorney, Allison Nichols, argued at the time that Chastain knew he was breaking the law by using anonymous OpenSea accounts to make the trades.
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