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
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Episode Links
Jason Gottlieb
Department of Justice Press Release
Nathaniel Chastain
- Arrest
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- Resignation
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- Insider trading allegations
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- Twitter
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Insider Trading and Crypto
Taylor Monahan Recap of the Case
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