Jurors began deliberating on Monday in the trial of a former product manager at OpenSea, the world's largest marketplace for non-fungible tokens (NFTs), for allegedly making trading decisions based on the tokens he featured on the company's homepage.
Federal prosecutors in Manhattan last year charged Nathaniel Chastain with netting more than $50,000 in illegal profits by buying NFTs shortly before he decided to showcase them on OpenSea's website, and then selling them once the assets rose in value shortly afterwards.
It was the first in a series of high-profile cases related to digital assets launched by the U.S. Attorney's office in Manhattan last year, which called the charges against Chastain the first insider trading case involving digital assets. Daniel Filor, a lawyer for Chastain, said the case was not about whether jurors found Chastain's trades "a little sketchy" but about whether he intended to defraud OpenSea. He said the trades did not break the company's rules.
Chastain was asked to resign in September 2021, after OpenSea found out about his trades. He was charged in June 2022 with one count of wire fraud and one count of money laundering.
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