Former OpenSea product supervisor Nathaniel Chastain had his convictions for wire fraud and cash laundering overturned within the 2nd US Circuit Courtroom of Appeals right this moment.
Chastain had been convicted in what america Legal professional’s Workplace within the Southern District of New York referred to as the “First-Ever Digital Asset Insider Trading Scheme.”
He had taken benefit of his place and his information about what non-fungible tokens (NFTs) can be featured on the house web page of OpenSea, buying them earlier than they had been listed, after which promoting them after the artist was featured.
The rationale this enchantment was profitable facilities round jury instruction; particularly, the jury was informed it may convict him of performing unethically, whereas attorneys for Chastain have maintained the fraud cost required him to violate a property curiosity of OpenSea.
Chastain’s case has been remanded again to the Southern District of New York, and it may probably select to attempt him once more.
