A trial date is now set for OpenSea’s former head of product Nathaniel Chastain, who will face charges on April 24, show court documents.

When the case goes to trial, Chastain will face charges of wire fraud and money laundering.

In a memo filed yesterday, U.S. District Judge Jesse M. Furman denied a number of motions filed by both sides in the case and said, “Chastain’s arguments about use of the term ‘insider trading’ are moot.”

The DOJ has called the case against Chastain the first insider trading scheme involving digital assets. However, a question of precedent in terms of insider trading remains as the assets in question are neither defined as securities nor commodities, Chastain’s lawyers have argued.

Charges were first brought against Chastain in October 2022 when he was indicted in connection with alleged illegal profit from NFT sales in 2021. Prosecutors said Chastain used inside knowledge of which NFTs would appear on the front page of OpenSea to buy NFTs ahead of being featured and sell them for a profit once highlighted on the site.

The judge did grant the government’s motion to preclude witness

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Author: Jeremy Nation

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