TL; DR
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Nate Chastain has just been sentenced to three months and more in prison for insider trading.
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The benefit for Nate: All in all, that’s not the harshest punishment we’ve ever seen.
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The downside for Nate: Trading freedom, employment, reputation and millions of dollars in equity in OpenSea – all for ~$27,000 in ETH (in today’s currency)?
Full story
Everyone has dreams.
Gandhi dreamed of a free India.
Greta Thunberg dreams of a cleaner planet.
We dream of becoming good friends with Natalie Imbruglia.
(So close she says, “Guys, please – we’re all friends here – call me Nat… Ms. Imbruglia is way too formal.”)
As for ex-OpenSea executive Nate Chastain (no relation to Jessica), he dreamed of becoming rich.
He attempted to achieve these dreams by buying and selling NFTs from collections he knew would later appear on Opensea’s homepage.
Unfortunately for Nate, the people in the industry call that “insider trading.’
As a result, he has just received a punishment that requires:
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3 months imprisonment
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3 months house arrest
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200 hours of community service
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Forfeiture of 15.98 ETH (his total winnings)
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A fine that allows you to buy a small yacht ($50,200)
The benefit for Nate: All in all, that’s not the harshest punishment we’ve ever seen.
The downside for Nate: Trading freedom, employment, reputation and millions of dollars in equity in OpenSea – all for ~$27,000 in ETH (in today’s currency)?
That’s a bad trade if we’ve ever seen one.