An appeals court threw out the conviction of a former employee at the online marketplace OpenSea in the first insider trading case involving NFTs.
Nathaniel Chastain was found guilty in May 2023 of wire fraud and money laundering for using confidential information as head of product at OpenSea to make thousands of dollars. Chastain was sentenced to three months in jail and ordered to forfeit 15.98 Ethereum tokens, worth about $26,000, and pay a $50,000 fine.
Chastain was responsible for choosing which tokens would be featured on OpenSea’s home page, which usually boosted their prices. Prosecutors said he bought dozens …
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