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Unchained

The Department of Justice Goes After Its First NFT Insider Trading Case - Ep 359

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 3 June 2022

⏱️ 41 minutes

🧾️ Download transcript

Summary

Jason Gottlieb, a crypto attorney and partner at Morrison Cohen, discusses the insider trading case being built by the US Department of Justice against former OpenSea employee Nathaniel Chastain. Show topics: why Nathaniel is being charged with wire fraud and money laundering instead of insider trading what makes NFT insider trading different from usual insider trading indictments why an employee’s “duty of confidentiality” can be important when building an insider trading case whether the money laundering charge makes sense  whether moving money between self-custodied wallets constitutes money laundering why Jason does not think this particular case will have widespread implications for the NFT and crypto space Jason’s advice for employees at crypto exchanges and companies who may be tempted to trade on private information what happens next in the Chastain case why the potential sentences are so long – 20 years for each charge how likely it is that Chastain has to serve jail time   Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021  Ava Labs: https://avax.network    Episode Links   Jason Gottlieb Website: https://www.morrisoncohen.com/jgottlieb Twitter: https://twitter.com/ohaiom    Department of Justice Press Release https://www.justice.gov/usao-sdny/pr/former-employee-nft-marketplace-charged-first-ever-digital-asset-insider-trading-scheme    Nathaniel Chastain Arrest https://www.coindesk.com/policy/2022/06/01/us-charges-ex-opensea-exec-with-nft-insider-trading/ https://www.theblockcrypto.com/linked/149685/former-head-of-product-for-opensea-indicted-after-insider-trading-scandal Resignation https://www.coindesk.com/business/2021/09/16/opensea-exec-accused-of-insider-trading-leaves-company/ Insider trading allegations https://www.coindesk.com/business/2021/09/15/insider-trading-allegations-rock-opensea-nft-marketplace-responds/ Twitter https://twitter.com/natechastain    Insider Trading and Crypto https://www.morrisoncohen.com/siteFiles/files/Insider%20Trading%20and%20Cryptocurrency%20-%20A%20Primer%20for%20Traders.pdf https://papers.ssrn.com/sol3/papers.cfm?abstract_id=132529   Taylor Monahan Recap of the Case https://twitter.com/tayvano_/status/1532085029857284101  Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hi everyone, welcome to Unchained, your no hike resource for all things crypto.

0:08.2

I'm your host Laura Shin, author of The Crypto Pins.

0:12.4

I started covering crypto seven years ago, and as a senior editor at Forbes, was the

0:17.0

first mainstream media reporter to cover cryptocurrency full-time.

0:20.5

This is the June 3rd, 2022 episode of Unchained.

0:24.8

Try to get across that slice it just wider the post.

0:28.8

Have they done enough?

0:30.8

Can they pull it out the back?

0:32.8

Does the ref have a clue?

0:34.8

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