On Sept. 6, Nathaniel Chastain\u2019s lawyers filed a letter<\/a> with a New York District Court informing the judge that Chastain decided to withdraw his application for bail pending appeal.<\/p>\n As a result, per the court’s previous order and judgment, Chastain will self-surrender by Nov. 2 to begin serving his sentence while his appeal is pending.<\/p>\n Chastain, a former OpenSea product manager, was convicted on May 3 on counts of wire fraud and money laundering and on Aug. 22 was sentenced to three months in prison for offenses relating to insider trading on the NFT platform.<\/p>\n He was also ordered to pay a $50,000 fine and forfeit any ill-gotten crypto he made from trading on OpenSea. <\/p>\n Related: <\/em><\/strong>OpenSea manager accused of insider trading sentenced to 3 months in prison, $50K fine<\/em><\/strong><\/p>\n Chastain had control over which NFTs and collections would be featured on OpenSea\u2019s homepage \u2014 greatly increasing their visibility and possibly impacting their price.<\/p>\n He\u2019s alleged to have purchased 45 NFTs prior to featuring them on the homepage and then reselling them for a profit once their prices had increased.<\/p>\n Prosecuting attorney, Allison Nichols, argued at the time that Chastain knew he was breaking the law by using anonymous OpenSea accounts to make the trades.<\/p>\n Magazine: How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in<\/em><\/strong><\/p>\n <\/template><\/div>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n For forums sites go to Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-09\/8ecb1497-87bc-4bf0-8d0f-efff61c35cef.jpg\")
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