OpenSea’s Insider Trading Scandal Comes to a Close
TL;DR
Nate Chastain has just been handed down a sentence that requires a 3 month jail sentence and more for insider trading.
The upside for Nate: all in all, that ain’t the harshest sentence we’ve ever seen.
The downside for Nate: trading freedom, employment, reputation, and millions of dollars in equity in OpenSea - all for ~$27k worth of ETH (in today’s money)?
Full Story
Everyone has dreams.
Gandhi dreamt of a free India.
Greta Thunberg has dreams of a cleaner planet.
We have dreams of becoming close friends with Natalie Imbruglia.
(Like, close enough that she says “Guys, please - we’re all friends here - call me Nat...Mrs. Imbruglia is way too formal.”)
As for ex-OpenSea executive Nate Chastain (no relation to Jessica), he had dreams of becoming rich.
He tried to realize these dreams, by buying and selling NFTs from collections he knew would later be featured on Opensea’s home page.
Unfortunately for Nate, that’s what those in the business refer to as 'insider trading.'
As a result, he’s just been handed down a sentence that requires:
3 months in prison
3 months home confinement
200 hours in community service
Forfeiture of 15.98 ETH (his total profit)
A fine that could buy a small yacht ($50,200)
The upside for Nate: all in all, that ain’t the harshest sentence we’ve ever seen.
The downside for Nate: trading freedom, employment, reputation, and millions of dollars in equity in OpenSea - all for ~$27k worth of ETH (in today’s money)?
That’s a bad trade if we’ve ever seen one before.