US prosecutors abandon OpenSea insider trading case
The Justice Department will drop its case against Nathaniel Chastain, a former OpenSea manager who successfully appealed a wire fraud and money laundering conviction.
US prosecutors will not retry their insider trading case against a former manager at nonfungible token platform OpenSea after a federal appeals court overturned the convictions in July.
On Wednesday, prosecutors told a Manhattan federal court that they entered into a deferred prosecution agreement with Nathaniel Chastain and will dismiss their case after the agreement ends in a month.
In a letter, Manhattan US Attorney Jay Clayton said the decision was made based on Chastain already serving parts of his initial sentence, including three months behind bars, and that he agreed not to contest the forfeiture of 15.98 Ether (ETH) worth $47,330 that he allegedly made from insider trades.
