Appeals court overturns conviction in OpenSea insider trading case
Former OpenSea employee Nathaniel Chastain has successfully appealed his judgment of conviction for wire fraud and money laundering.
A federal appeals court has overturned the conviction of Nathaniel Chastain, a former OpenSea manager found guilty of wire fraud and money laundering for using insider information to trade non-fungible tokens.
In a Thursday decision, the Second Circuit ruled that the jury was improperly instructed and could have convicted Chastain for unethical conduct rather than misappropriating a traditional property interest, a requirement under federal fraud statutes.
This is a developing story, and further information will be added as it becomes available.
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