OpenSea ex-manager retracts bail request amid ongoing appeal
Nathaniel Chastain, a former product manager at NFT marketplace OpenSea, has opted to begin his three-month prison term for insider trading. On Sept. 6, the legal representatives of Nathaniel Chastain submitted a letter to a New York District Court, notifying the judge that Chastain has chosen to retract his bail application while the appeal is ongoing . As per the court’s earlier verdict, he will willingly surrender himself by Nov. 2 to start serving his sentence while the appeal is being reviewed. Earlier in May, Chastain was convicted of wire fraud and money laundering, marking the first insider trading case in the NFT sector. The former OpenSea executive was charged with exploiting confidential data to earn substantial profits by purchasing NFTs shortly before they were featured on OpenSea’s homepage, where their value would surge instantly. Chastain allegedly capitalized on this inside information, selling the NFTs at a higher price once their value escalated,...