Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result
Home NFT News

Ex-OpenSea Executive Chastain Receives Jail Sentence For NFT Insider Trading

Hania by Hania
August 23, 2023
in NFT News, General News
Reading Time: 2 mins read
A A
0
Ex-OpenSea Executive Chastain Receives Jail Sentence For NFT Insider Trading
Share on FacebookShare on Twitter
ADVERTISEMENT

Table Of Content:

  • Chastain Trades NFTs That Are Yet To Be Released From OpenSea
  •  Additional Charges Imposed On Chastain

Summary

  • The U.S. Government has taken the initiative of sentencing Chastain to three months in prison after taking part in insider NFT trading.
  • Chastain had access to Opensea’s NFT database and he was able to buy non-fungible tokens that had not been released into the market.
  • He will be facing three other consequences as highlighted in the article below.
  • Open Sea will be revising the employment structure of the firm after this incident.

 

Chastain Trades NFTs That Are Yet To Be Released From OpenSea

Chastain is the former manager at OpenSea. He has been detained for having acquired information on the incoming non-fungible tokens which he used for his financial gains.

The U.S. prosecutors have warned institutional traders that such deeds will not be tolerated and that Chastain’s sentence just goes to show. Chastain got access to Opensea’s market insights and using this information, he went ahead and bought NFTs before they were featured.

You May AlsoLike

FTX CEO Sam Bankman-Fried Denied Release as October Trial Looms

FTX CEO Sam Bankman-Fried Denied Release as October Trial Looms

September 29, 2023
BlockFi Moves Closer To Repaying Customers As Court Gives The Nod

BlockFi Moves Closer To Repaying Customers As Court Gives The Nod

September 27, 2023

Through this act, he managed to earn more than 50,000$. Burnett, a prosecutor in a court that took place in May,  said that he lied to ensure his acts would not be traced back to him. A user named Zuwu on X (formerly Twitter) asked Opensea the reason why Nathaniel Chastain had NFTs that had not been featured in the market yet.

The Opensea finally released a statement acknowledging Chastain’s acts and will be restructuring its firm.

Ex-OpenSea Executive Chastain Receives Jail Sentence For NFT Insider Trading

 Additional Charges Imposed On Chastain

This is the first-ever attempt at insider trading in the market. Following his detention, other measures that will be put in place include:

  1. House detention for 3 months
  2. Supervision for 3 years after the release
  3. Forfeit of Ethereum made while trading the NFTs.
Tags: crypto newsNFT
Share76Tweet47
ADVERTISEMENT
Previous Post

China Official Faces Life Imprisonment After Engaging In Illegal Bitcoin Mining

Next Post

DogeCoin Soars With Elon Musk’s Latest Move

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

FTX CEO Sam Bankman-Fried Denied Release as October Trial Looms
General News

FTX CEO Sam Bankman-Fried Denied Release as October Trial Looms

September 29, 2023
BlockFi Moves Closer To Repaying Customers As Court Gives The Nod
Crypto Exchanges

BlockFi Moves Closer To Repaying Customers As Court Gives The Nod

September 27, 2023
95% Of NFTs Have Zero Value, New Research Shows
NFT News

95% Of NFTs Have Zero Value, New Research Shows

September 26, 2023
Mixin Network Falls Victim to $200 Million Security Breach
General News

Mixin Network Falls Victim to $200 Million Security Breach

September 25, 2023
How To Generate Passive Income With Index Funds And ETFs
General News

How To Generate Passive Income With Index Funds And ETFs

September 19, 2023
Singapore Has Banned The Founders Of Three Arrows Capital From Trading For 9 years
General News

Singapore Has Banned The Founders Of Three Arrows Capital From Trading For 9 years

September 14, 2023
Next Post
DogeCoin Soars With Elon Musk’s Latest Move

DogeCoin Soars With Elon Musk's Latest Move

Discussion about this post

Live Prices

Stay Connected

You May Also Like

  • Terra Classic Price Prediction: What Is an Ideal LUNC Buy Zone?

    Terra Classic Price Prediction: What Is an Ideal LUNC Buy Zone?

    201 shares
    Share 80 Tweet 50
  • XRP’s Path To Success: 3 Reasons Ripple Could Explode In 2023

    199 shares
    Share 80 Tweet 50
  • Elon Musk’s Silence And Its Impact On DOGECOIN

    194 shares
    Share 78 Tweet 49
  • 3 Cryptocurrencies To Avoid Trading In The Upcoming Week

    194 shares
    Share 78 Tweet 49
  • Bitcoin (BTC) vs. Worldcoin (WLD) Comparative Study

    192 shares
    Share 77 Tweet 48
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2023 CryptoMufasa - All Rights Reserved!

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2023 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Table Of Content:

×
  • Chastain Trades NFTs That Are Yet To Be Released From OpenSea
  •  Additional Charges Imposed On Chastain
→ Index
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.