U.S. prosecutors drop investigation into insider trading case involving former OpenSea manager

Techub News reports, according to Cointelegraph, the U.S. Department of Justice will not retry the insider trading case against former OpenSea manager Nathaniel Chastain. The Manhattan federal court received a notice from prosecutors on Wednesday stating that they had reached a deferred prosecution agreement with Chastain and would dismiss the case in one month. Manhattan U.S. Attorney Jay Clayton stated that, considering Chastain has already served three months in prison and agreed not to contest the forfeiture of 15.98 ETH valued at $47,330, the decision was made not to retry the case.

Previously, Chastain was convicted in 2023 of wire fraud and money laundering for using his position to purchase NFTs that were about to be featured on the OpenSea homepage and selling them for profit after their prices increased.