You might remember that former Product Manager at OpenSea who used an insider trading scheme to buy up-and-coming NFT collections and sell them for a tidy profit? Well his defense has come up with a strategy that just might help him beat the case — — don’t call it “insider trading”.

Nathanial Chastain’s legal defense team sent a motion to the prosecutors to remove any and all mentions of the phrase “insider trading” because of its’ “inflammatory” nature and the fact that insider trading relates to securities, not NFTs. Prosecutors fired right back claiming the phrase is accurate based on the crimes committed.

This sounds like someone desperately struggling while slowly sinking in quicksand. I don’t think any jury will look at insider trading (securities, or not) with a sympathetic view point. No one likes to get scammed, and thats exactly what Chastain did with the position he held. Sorry Nathan, looks like you made a bad decision and justice will be served.

Written by: nikethereum.eth / Medium / Mirror