A federal judge has sentenced former OpenSea product manager Nathaniel Chastain to three months in prison for wire fraud and money laundering related to insider trading on the platform.
In an Aug. 22 announcement from the United States Department of Justice, U.S. Attorney Damian Williams said Chastain had been sentenced to three months in prison, three months of home confinement and three years of supervised release in addition to being ordered to pay a $50,000 fine and forfeit ill-gotten Ether (ETH) from the nonfungible token (NFT) trades. Inner City Press reported he would be required to surrender himself on Nov. 2, with Chastain’s lawyers planning to appeal the decision and request bail.
“Respect for the law and general deterrence militate for punishment,” reportedly said the judge at sentencing. “But [Chastain] is a first time offender. There are mitigating circumstances. He has a potentially promising future.”
OK- near end of sentencing in US v Nate Chastain, described as 1st “NFT insider trading” case. But loss/gain amount is less than $50,000, defense lawyer Miller (who also repped Wahi) says. Judge has taken 5 minute break before announcing sentence. Watch this feed pic.twitter.com/KyeScdCGAP
Chastain, accused of using insider information in his position at OpenSea to profit off the trading of NFTs, was convicted by a jury on May 3 of wire fraud and money laundering. In his position as product manager, he had the authority to choose which NFTs would be featured on the OpenSea website. He purchased 45 NFTs prior to them being featured and then resold them.
An Aug. 22 order from Judge Jesse Furman stated the court would consider whether Chastain would be required to forfeit any ETH from the insider trading scheme or the U.S. dollar equivalent. The sentencing likely marked the conclusion of the case following Chastain being charged and arrested by U.S. authorities in June 2022.
In a separate case, former Coinbase product manager Ishan Wahi was sentenced to two years in prison in May for using confidential information at the crypto exchange to profit off new token listings. His brother Nikhil and associate Sameer Ramani were also charged in the same case for their involvement in the scheme, with the former pleading guilty in September 2022 and being sentenced to 10 months in prison. At the time of publication, Ramani was still at large.
Wes Streeting has paid tribute to Angela Rayner and said Labour “wants her back and needs her back”.
The health secretary heaped praise on his former cabinet colleague during a wide-ranging speech at the annual party conference, which was packed with attacks on Reform UK leader Nigel Farage.
Ms Rayner resigned as deputy party leader and housing secretary after a row about her tax affairsearlier this month.
Addressing members gathered in Liverpool, Mr Streeting said Labour’s new fair pay agreement for care workers could not have been achieved without her.
He said: “There’s someone else who’s made a real difference, who understands the struggle care workers face because she was one.
“She brought that experience to the cabinet table as the care worker who became our country’s deputy prime minister. Angela Rayner, this achievement is yours. Thank you.”
There was a big round of applause as Mr Streeting added: “And we want her back as well. We’ll definitely make sure she sees that. We need her back.”
Image: Angela Rayner resigned earlier this month. File pic: AP
The message could be seen as trying to get grassroots members onside amid grim polling predictions for Labour and questions over whether Sir Keir Starmer can survive.
Ms Rayner is popular with the Labour membership – they elected her as deputy leader in 2020, but she gave up this position as well as her cabinet roles when it emerged she had underpaid stamp duty on a flat in Hove.
In his speech, Mr Streeting also praised the Unison and GMB unions for standing up for care workers.
However, that was as far as his good will stretched – as he launched several stinging attacks on his opponents.
Farage ‘snake oil salesman’
The cabinet minister, seen as one of the government’s best communicators, accused Mr Farage of being the “snake oil salesman” of British politics and vowed to send him “packing” at the next election.
He argued that while Labour wants to modernise the NHS – with plans for an “online” hospital– the Reform leader wants an insurance system that “checks your pockets before your pulse”.
“It might be right for Mr Moneybags. We know he can afford it. But what about those who can’t?” Mr Streeting asked.
“Be in no doubt. It’s not reform he’s offering. It’s a retreat. If that’s the fight Farage wants, I say bring it.”
Mr Farage has previously spoken about being open to an insurance based model for the NHS, drawing a big dividing line with the Labour Party, which founded the National Health Service after the Second World War.
Mr Streeting said the party must win another fight too, “against the poison of post-truth politics”.
Image: Nigel Farage said attacks on him were a ‘desperate last throw of the dice’. Pic PA
“This man wasn’t just some fringe figure, he’s Reform’s health adviser. These anti-vax lies have consequences, they’ve led to the return of diseases we thought we had defeated,” said Mr Streeting.
“Nigel Farage is a snake oil salesman of British politics and it’s time to stop buying what he’s selling.”
A Reform spokesperson previously said the doctor was a “guest speaker with his own opinions who has an advisory role in the US government”.
“Reform UK does not endorse what he said but does believe in free speech,” they added.
Trouble ahead
Mr Streeting’s speech reflects government efforts to ramp up its rhetoric against Reform UK, after two major polls predicted the insurgent party will win the next general election as fed-up voters abandon mainstream politics.
While that is many years away, some MPs see the devolved and local elections next May as a crunch test that could determine Sir Keir’s political survival.
Mr Streeting acknowledged this threat, saying it is not just Mr Farage Labour would “send packing”.
He said: “Whether it’s English nationalism with Reform, Scottish nationalism with the SNP or Welsh nationalism with Plaid we’ll take them all on.”
Mr Farage said attacks on him were a “desperate last throw of the dice” for a party in “deep trouble”, adding: “Never before have I seen one name that’s dominated a conference so much – yes it’s me, Nigel Farage.”
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