A judge in the Southern District of New York (USA) has vetoed the former Product Manager's motion to dismiss the fraud allegations. Nathaniel Chastain.

Court vetoes motion to dismiss insider trading indictment of Former OpenSea Director
The court vetoed the motion to dismiss the former director's insider trading indictment

The incident happened in mid-September 2021, Former Product Manager OpenSea Nathaniel Chastain was suddenly charged by US prosecutors with insider trading. on the very platform he is developing. Chastain secretly bought dozens of NFT right before they are introduced to the community, selling them afterwards for two to five times the public price.

Not long after that, Mr. Nathaniel Chastain filed a motion to dismiss the above charges, arguing that are not securities or commodities regulated in the US, so there is not enough evidence to charge him.

However, until the end of last week, Judge Jesse Furman issued a formal ruling of disagreement in a memo to dismiss the proposal and assert that the views of Mr. treat.

Despite losing the case, Nathaniel Chastain's lawyers still managed to "rescue" some of the client's situation by asking Judge Jesse Furman to remove word references to "insider trading". . Accordingly, the more appropriate course of action would be to remove the phrase from the indictment rather than dismiss the indictment altogether.