Bitcoin

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 The attorneys representing Nathaniel Chastain informed the court that Chastain will self-surrender on Nov. 2 to begin serving his sentence. 
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 A former <a rel="noopener noreferrer nofollow" title="manager" href="https://thebittimes.com/tag/manager.html">manager</a> at nonfungible token (NFT) marketplace OpenSea sentenced to three months in prison for insider trading has opted to serve the sentence while his <a rel="noopener noreferrer nofollow" title="appeal" href="https://thebittimes.com/tag/appeal.html">appeal</a> is <a rel="noopener noreferrer nofollow" title="pending" href="https://thebittimes.com/tag/pending.html">pending</a>. 
 On Sept. 6, Nathaniel Chastain’s lawyers filed a letter with a New York District Court informing the judge that Chastain decided to withdraw his application for bail pending appeal. 
 As a result, per the court's previous order and judgment, Chastain will self-surrender by Nov. 2 to begin serving his sentence while his <a rel="noopener noreferrer nofollow" title="appeal" href="https://thebittimes.com/tag/appeal.html">appeal</a> is <a rel="noopener noreferrer nofollow" title="pending" href="https://thebittimes.com/tag/pending.html">pending</a>. 
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 <img src="https://cdn.thebittimes.com/images/2023/09/07/a6a38448123e7cb854c049d2196d44e8.webp"> 
 <figcaption style="text-align: center;"> Screenshot of the letter from Chastain’s lawyers. Source: CourtListener 
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 Chastain, a former OpenSea product manager, was convicted on May 3 on counts of wire fraud and money laundering and on Aug. 22 was sentenced to three months in prison for offenses relating to insider trading on the NFT platform. 
 He was also ordered to pay a $50,000 fine and forfeit any ill-gotten crypto he made from trading on OpenSea. 
 Related: OpenSea <a rel="noopener noreferrer nofollow" title="manager" href="https://thebittimes.com/tag/manager.html">manager</a> accused of insider trading sentenced to 3 months in prison, $50K fine 
 Chastain had control over which NFTs and collections would be featured on OpenSea’s homepage — greatly increasing their visibility and possibly impacting their price. 
 He’s alleged to have purchased 45 NFTs prior to featuring them on the homepage and then reselling them for a profit once their prices had increased. 
 Prosecuting attorney, Allison Nichols, argued at the time that Chastain knew he was breaking the law by using anonymous OpenSea accounts to make the trades. 
 Magazine: How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in 
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/former-opensea-manager-withdraws-application-for-bail-pending-appeal-tbt61846.html">https://thebittimes.com/former-opensea-manager-withdraws-application-for-bail-pending-appeal-tbt61846.html</a>

Former OpenSea manager withdraws application for bail pending appeal

TheBitTimes

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