U.S. Drops Insider Trading Case Against Former OpenSea Executive Nathaniel Chastain
In Brief
- U.S. drops case against ex-OpenSea exec after court overturns conviction.
- Bitcoin’s momentum stalls, erasing most of its 2026 gains.
- BTC may retest $87,000-$87,500 support zone before the next move.
The U.S. Department of Justice has officially closed its case against Nathaniel Chastain, a former OpenSea executive. Chastain was initially convicted of wire fraud and money laundering in 2023 but had his conviction overturned in 2025.
Deferred Prosecution Agreement Ends Insider Trading Case
The decision comes after the Second Circuit Court of Appeals overturned Chastain’s conviction. Prosecutors have agreed not to retry the case after Chastain partially served his sentence and forfeited 15.98 ETH worth around $47,000.
Chastain was accused of exploiting his position at OpenSea by secretly buying NFTs that were set to be featured on the platform’s homepage. He profited by flipping them once their prices surged due to increased visibility.
Following the appeals court ruling, the DOJ reached a one-month deferred prosecution agreement with Chastain. The charges will be dismissed once the agreement ends, signaling the end of the case.
Court Overturns Conviction, Chastain Faces No Further Prosecution
In 2025, the appellate court ruled that the NFT homepage placement data Chastain used did not meet the legal definition of “property” under federal wire fraud laws. As a result, Chastain’s conviction was overturned, and the case has now been closed.
The U.S. regulatory landscape for crypto-related cases is shifting, with prosecutors moving away from aggressive enforcement actions. This move signals a change in priorities, particularly under new leadership at the SEC.
In related news, Bitcoin (BTC) has lost some momentum recently. As noted by market analyst Ted, Bitcoin is currently priced at $88,993.89, a notable drop after outperforming stocks last week.
The cryptocurrency has almost erased its entire 2026 gains, with expectations that it may retest the $87,000-$87,500 support zone before any further upward movement.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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