Back in September, OpenSea had to navigate some pretty turbulent waters as its Head of Product was caught doing insider trading. As a result, Nate Chastain lost his job and was widely condemned by the community.
At the time, this was considered the end of the story, as Nate meekly disappeared into obscurity. Now however, things are about to get a whole lot worse for the erstwhile product manager. It turns out, that there are real-life repercussions for his very real crimes. As a result, the FBI showed up to formally charge him with wire fraud and money laundering. Two crimes with a maximum sentence of 20 years each, should the courts find him guilty.
This is really unfortunate for all of the Nathaniel Chastains of the world. I mourn with my collective brethren. https://t.co/M6nEiKYUC2
— Nate Chastain (@Nate_Chastain) June 1, 2022
The trial itself will have far reaching implications for the NFT industry. On the one hand, it gives a degree of validation to the NFT sector as a whole. On the other however, many bad actors and dubious ‘influencers’ have committed far worse crimes than Nate. So, these unscrupulous individuals will look on with trepidation as they consider how they may weather the storm.
What future lays in wait for Nate remains uncertain, but difficult times will definitely feature. The US court system will do its thing, and the case will set a legal precedent for NFT dealings. Who knows though, perhaps one of those pretending to be Nate on Twitter can take the fall!