The Justice Department will drop its case against Nathaniel Chastain, a former OpenSea manager who successfully appealed a wire fraud and money laundering conviction.
US prosecutors will not retry their wire fraud and money laundering case against a former manager at the nonfungible token platform OpenSea, following a federal appeals court's July reversal of the convictions.
On Wednesday, prosecutors told a Manhattan federal court that they entered into a one-month deferred prosecution agreement following the appeals court ruling, after which the case will be formally dismissed.
In a letter, Manhattan US Attorney Jay Clayton, a former SEC chair, said the decision was made based on Chastain already serving parts of his initial sentence, including three months behind bars, and that he agreed not to contest the forfeiture of 15.98 Ether (ETH) worth $47,330 that that prosecutors alleged was obtained through the scheme.
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