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Former OpenSea Manager Sentenced to Prison for Insider Trading Opts to Serve While Appeal is Pending

Nathaniel Chastain, a former product manager at OpenSea, has chosen to serve his three-month prison sentence for insider trading while his appeal is pending. Chastain withdrew his application for bail pending appeal and will self-surrender by November 2, as per the court's previous order.

He was convicted of wire fraud and money laundering on May 3 and sentenced on August 22 to three months in prison, a $50,000 fine, and forfeiture of any ill-gotten crypto he made from trading on OpenSea. Chastain allegedly purchased 45 NFTs before featuring them on OpenSea's homepage and reselling them for a profit once their prices had increased.

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