Nate Chastain, the former head of product at NFT platform OpenSea, has received a three month prison sentence for making tens of thousands of dollars worth of insider trades during his tenure at the NFT company.

Chastain, 33, was convicted of fraud and money laundering in federal court in New York in May. The conviction marked the end to what prosecutors called the first prominent NFT insider trading case. Chastain reaped more than $50,000 by buying and selling at least 45 NFTs he knew would be featured on the company’s homepage, concealing his purchases using various anonymous wallets and OpenSea accounts, according to the U.S. Justice Department.

Inner City Press first reported the sentencing Tuesday.

Chastain's sentence is a fraction of the roughly two year sentence prosecutors, who cited a previous insider trading case at Coinbase, had called for.The case's judge attributed the lenient sentence to Chastain's modest earnings from the trades.

At the time of the crime, the NFT market had reached its zenith, growing to roughly $40 billion.

"Today’s sentence should serve as a warning to other corporate insiders that insider trading – in any marketplace – will not be tolerated, ” U.S. Attorney Damian Williams said in a statement on Monday.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。