The crypto world’s got its own Wall Street-esque drama unfolding. Nathanial Chastain, once a product manager at the NFT giant OpenSea, just got slapped with a three-month prison sentence. 🎰
Why? He thought he could play the system by leveraging insider info about which NFTs were about to get the coveted spotlight on OpenSea’s homepage. And as any crypto and/or NFT enthusiast knows, that’s like knowing tomorrow’s lottery numbers.
From June to September 2021, Chastain sneakily bought NFTs, knowing they’d soon be featured, and then sold them post-feature, raking in profits up to five times his initial buy-in. To keep things on the down low, he used anonymous wallets and accounts.
Along with his prison stint, Chastain’s got three months of home confinement, a $50,000 fine, and he’s been ordered to forfeit the $ETH he made from his sneaky sales. 🕊️