What is the likely sentence for former OpenSea exec Nate Chastain convicted of wire fraud, money laundering

A jury in New York found Nate Chastain, the former Head of Product of Opensea, guilty of wire fraud and money laundering for his conduct back in September 2021.

The case is often described as “insider trading” of NFTs, even though technically the case did not include insider trading of securities. In a prior post, we explained the Supreme Court precedent, Carpenter v. United States, which supports the application of the wire fraud statute to a situation in which an employee uses confidential business information of his employee, without authorization “devis[ing] any scheme or artifice … for obtaining money or property by means of false or fraudulent pretenses.”

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