OpenSea’s former head of product was sentenced to three months in prison on Tuesday for using inside knowledge at the NFT marketplace to flip assets featured on its homepage.

Nathaniel Chastain, who was once responsible for deciding which NFTs would be given a prominent spot on OpenSea as part of his job, was convicted of fraud and money laundering in May. He potentially faced up to 20 years in prison for each charge.

The FBI and U.S. Department of Justice (DOJ) accused Chastain of illegally making more than $50,000 in profit from trading NFTs when he was arrested last June. At the time, authorities said it was the first-ever insider trading scheme involving digital assets. He’s since been ordered to return his ill-gotten gains.

Insider trading is illegal when a person trades securities based on nonpublic information to their own benefit, putting profits over an obligation to their employer or the public.

Chastain’s lawyers had argued the case should be dismissed because NFTs—uniqu

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Author: André Beganski

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