The New York appeals court found that the trial improperly categorized Chastain’s actions regarding NFT listings as property interest. Thus, the conviction for wire fraud and money laundering was deemed inappropriate, as insider information on NFTs could warrant different, perhaps unethical, charges.
Despite the reversal of the conviction, the appeals court noted that Nathaniel Chastain’s conduct could still be viewed as unethical. The case highlights potential conflicts within the crypto sphere and questions about insider trading in digital assets.
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