A US federal appeals court has reversed Nathaniel Chastain's conviction for wire fraud and money laundering. Chastain, a former OpenSea manager, was found guilty of using insider information to trade NFTs. The Second Circuit Court ruled that the jury received improper instructions, which could have led to a conviction based on unethical conduct rather than the misappropriation of a traditional property interest, a key element in federal fraud laws. Chastain contended that the court's guidance misled the jury regarding the nature of the property involved. Initially charged in June 2022, he was convicted in 2023 and sentenced to three months in prison along with a $50,000 fine. Chastain's appeal argued that NFT-related information does not constitute protected property. OpenSea, the largest NFT marketplace, has seen a significant decline in trading volumes since its peak during the NFT boom, yet it has generated substantial revenue since its launch. Read more AI-generated news on: https://app.chaingpt.org/news

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