Former OpenSea manager withdraws application for bail pending appeal

A former manager at nonfungible token (NFT) marketplace OpenSea sentenced to 3 months in jail for expert trading has opted to serve the sentence while his appeal is pending.On Sept. 6, Nathaniel Chastains attorneys filed a letter with a New York District Court informing the judge that Chastain chose to withdraw his application for bail pending appeal.As a result, per the courts previous order and judgment, Chastain will self-surrender by Nov. 2 to start serving his sentence while his appeal is pending.Screenshot of the letter from Chastains lawyers. Source: CourtListenerChastain, a former OpenSea item manager, was founded guilty on May 3 on counts of wire scams and money laundering and on Aug. 22 was sentenced to 3 months in jail for offenses relating to insider trading on the NFT platform.He was also bought to pay a $50,000 fine and forfeit any ill-gotten crypto he made from trading on OpenSea. Related: OpenSea supervisor accused of insider trading sentenced to 3 months in prison, $50K fineChastain had control over which Collections and nfts would be featured on OpenSeas homepage– greatly increasing their exposure and possibly affecting their price.Hes declared to have actually purchased 45 NFTs prior to including them on the homepage and after that reselling them for a profit as soon as their prices had increased.Prosecuting lawyer, Allison Nichols, argued at the time that Chastain knew he was breaking the law by using confidential OpenSea accounts to make the trades.Magazine: How to secure your crypto in a volatile market: Bitcoin OGs and professionals weigh in