The U.S. Department of Justice has decided not to retry Nathaniel Chastain, a former manager at NFT platform OpenSea, for insider trading. Prosecutors informed federal courts in Manhattan of a deferred prosecution agreement with Chastain, leading to the case's dismissal in a month. Chastain was previously convicted in 2023 for wire fraud and money laundering, but a federal appeals court overturned the conviction in July, citing incorrect jury instructions and the lack of commercial value in OpenSea's homepage data. Manhattan U.S. Attorney Jay Clayton noted that Chastain had already served three months in prison and agreed to forfeit 15.98 ether, valued at $47,330. This agreement influenced the decision to discontinue the case, avoiding a retrial.
U.S. Drops OpenSea Insider Trading Case, Reaches Agreement with Ex-Manager
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