Three years after OpenSea’s former Head of Product, Nathaniel Chastain, was arrested by the Federal Bureau of Investigation (FBI) on insider trading charges, a U.S. court has overturned his conviction.

Reuters reported that the 2nd US Circuit Court of Appeals overturned Chastain's conviction as “erroneous jury instructions could have led to his conviction merely for acting unethically, by misusing information that had no real value to his employer.”

Chastain was charged in 2022 for using insider knowledge to purchase non-fungible token (NFT) collections that would be featured on OpenSea’s homepage ahead of time, and then selling them for a profit. He was convicted in May 2023.

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