TL;DR

• Nate Chastain has just been handed down a sentence that requires a 3 month jail sentence and more for insider trading.

• The upside for Nate: all in all, that ain’t the harshest sentence we’ve ever seen.

• The downside for Nate: trading freedom, employment, reputation, and millions of dollars in equity in OpenSea - all for ~$27k worth of ETH (in today’s money)?

Full Story

Everyone has dreams.

Gandhi dreamt of a free India.

Greta Thunberg has dreams of a cleaner planet.

We have dreams of becoming close friends with Natalie Imbruglia.

(Like, close enough that she says “Guys, please - we’re all friends here - call me Nat...Mrs. Imbruglia is way too formal.”)

As for ex-OpenSea executive Nate Chastain (no relation to ​Jessica​), he had dreams of becoming rich.

He tried to realize these dreams, by buying and selling ​NFTs​ from collections he knew would later be featured on Opensea’s home page.

Unfortunately for Nate, that’s what those in the business refer to as 'insider trading.'

As a result, he’s just been handed down a sentence that requires:

• 3 months in prison

• 3 months home confinement

• 200 hours in community service

• Forfeiture of 15.98 ETH (his total profit)

• A fine that could buy a small yacht ($50,200)

The upside for Nate: all in all, that ain’t the harshest sentence we’ve ever seen.

The downside for Nate: trading freedom, employment, reputation, and millions of dollars in equity in OpenSea - all for ~$27k worth of ETH (in today’s money)?

That’s a bad trade if we’ve ever seen one before.