According to CoinDesk, Nate Chastain, former product director of NFT platform OpenSea, was sentenced to three months in prison for insider trading worth tens of thousands of dollars. Chastain, 33, was convicted of fraud and money laundering in a New York federal court in May this year. The case was called the first high-profile NFT insider trading case by prosecutors. According to the US Department of Justice, Chastain made more than $50,000 by buying and selling at least 45 NFTs that he knew would be recommended on the front page of OpenSea, using various anonymous wallets and OpenSea accounts to cover up the transactions. The verdict was first reported by Inner City Press. Prosecutors had asked for Chastain to be sentenced to about two years in prison, but the judge believed that Chastain had gained less from the transaction and imposed a lighter sentence. At the time of the incident, the NFT market was at its peak, with a total market value of about $40 billion. "Today's verdict should serve as a warning to other company insiders that insider trading in any market will be punished," said US Attorney Damian Williams in a statement on Monday.