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

Insider Trading and Crypto

Taylor Monahan Recap of the Case