A former OpenSea product manager has successfully overturned his conviction in what was once hailed as the first insider trading case involving non-fungible tokens. The ruling by a US federal appeals court on Thursday marks a significant setback for prosecutors hoping to apply traditional financial crime laws to the fast-evolving crypto sector. The case centered on Nathaniel Chastain, a 35-year-old Massachusetts native who managed homepage curation at OpenSea, the world’s largest NFT marketplace. In May 2023, Chastain was convicted of wire fraud and money laundering for using insider knowledge to buy NFTs just before they were featured on the platform’s front page, then flipping them for profit. Breaking News: Reversal in Nate Chastain Case–2d Circuit Tosses NFT "Insider Trading" Conviction In a stunning reversal, the U.S. Court of Appeals for the Second Circuit has vacated Nate Chastain’s conviction for wire fraud and money laundering, dealing a serious blow to the… pic.twitter.com/l4iLispCX7 — Carlo (@TheDeFiDefender) July 31, 2025 OpenSea NFT Insider Case Undone by Misguided Jury Guidance Court filings showed he made roughly $57,000 through 15 such trades, using anonymous wallets to conceal his identity. He later transferred the proceeds into his personal account. Prosecutors described the scheme as theft of confidential business information, arguing it constituted a misuse of OpenSea’s property. However, on appeal, the 2nd US Circuit Court of Appeals in Manhattan disagreed. In a 2-1 decision, the court ruled that the jury received flawed instructions, effectively allowing a conviction based solely on unethical behavior rather than actual theft of property with commercial value. Appeals Court Faults Vague Jury Instructions in OpenSea Case Judge Steven Menashi, writing for the majority, said the lower court erred by telling jurors that Chastain could be guilty even if the information he used lacked tangible value to OpenSea. He also criticized the instruction that jurors could convict if they found Chastain’s conduct violated broad notions of honesty and fair play. Menashi warned that using such a standard could make nearly any deceptive act a criminal offense. The appeals court returned the case to US District Judge Jesse Furman for further proceedings. It is not yet clear whether prosecutors intend to retry Chastain. Court Narrows Definition of ‘Property’ in Wire Fraud Cases The ruling sharply limited how the government can apply the wire fraud statute to confidential information. The court held that such information must have clear commercial value to the employer—something prosecutors failed to prove in this case. The featured NFT data, according to the opinion, was not monetized by OpenSea and was not treated as a valuable asset internally. That made it too “ethereal” to qualify as property under the law. Compounding the problem for the government, the jury was told it could convict based on conduct that was merely unethical. That instruction, the court found, “tainted the verdict beyond repair.” Judge Jose Cabranes dissented, saying he would have upheld the conviction. The US Attorney’s office in Manhattan has not commented on whether it plans to pursue the case again. Ruling Undercuts DOJ’s Early Effort to Police NFT Markets Chastain had already served his three-month prison sentence while his appeal was pending. His legal team welcomed the decision, calling the case a “miscarriage of justice.” The conviction was announced in June 2022, as the NFT market was booming, estimated at nearly $40b. Prosecutors had positioned the case as a signal that the digital asset space would not escape scrutiny. Thursday’s ruling, however, may force the government to rethink how it approaches crypto-related offenses. In a separate matter, OpenSea itself came under regulatory fire last year when the SEC launched an investigation into whether the platform operated as an unregistered securities exchange. That probe closed without action in February, according to co-founder Devin Finzer. The post Ex-OpenSea Employee Cleared in First NFT Insider Trading Appeal — Here’s What Changed appeared first on Cryptonews .
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Indian police have arrested an employee of the crypto exchange CoinDCX in connection with a $44 million cryptocurrency theft but downplay the chances of recovery. Malware Infiltration Leads to Major Heist Indian police have arrested an employee of the crypto exchange CoinDCX in connection with a $44 million cryptocurrency theft, but authorities admit they face
Top digital currencies show promising potential for growth. SEI , ALGO , and HBAR are leading options worth attention. This article reveals which coins stand out in current market conditions and why they might be smart acquisitions. Discover the factors making these assets attractive investments right now. Sei Coin Faces Short-Term Gains Amid Longer-Term Volatility Shifts The past month saw Sei rising by 12.71%, with notable bursts in buyer activity that pushed prices upward within the range of $0.18 to $0.36. However, over the last six months, the coin experienced a decline of 4.19%, indicating longer-term hesitance among investors. A weekly drop of 3.46% further illustrates recent short-term pressure despite moments of recovery. Historical price movement reveals fluctuations marked by sudden upward surges and brief corrections. This mixed performance suggests that while short-term strength may offer appealing entry points for traders, broader market pressures still weigh heavily on sentiment. At present, the coin trades near a central price point of $0.22 and remains active within a well-defined range that encourages careful trading decisions. A key resistance is positioned around $0.44, while the nearest support is observed near $0.08 and an additional resistance at $0.61 helps to frame the upper boundary of current price action. Although the monthly gain of 12.71% shows periods of strong buyer interest, the recent weekly decline of 3.46% and a six-month decrease of 4.19% reveal underlying caution. Technical indicators present mixed messages, and there is no obvious long-term trend as market forces remain evenly matched. Traders might find value waiting for a bounce from the support level or considering short positions once resistance at $0.44 is firmly tested. Algorand: Dynamic Rally Amid Mixed Trends Over the past month, Algorand showed strong upward movement with a notable 41.88% price increase, reflecting renewed investor interest. Over the last six months, the coin struggled with a 30.52% decline that underlines previous bearish sentiment. The weekly change of -1.59% indicates recent short-term pressure despite the monthly bounce, displaying a clear contrast in performance. Recent data also signals that Algorand has been oscillating within a fluctuating range, capturing the market's indecision over longer periods. The current trading zone positions Algorand between a price range of $0.16 to $0.21, with immediate support near $0.13 and resistance at $0.24. Beyond these, traders note a second support around $0.07 and a further resistance close to $0.29, setting clear boundaries for any price movement. Revenue momentum seems mixed as the Momentum Indicator sits slightly negative at -0.035 while the Relative Strength Index hovers moderately at 53.53, suggesting that neither bulls nor bears have strong control right now. Trading strategies may include buying nearer the support zone and targeting resistance levels for exits. Hedera (HBAR) Price Action: Past Swings and Critical Levels Today Hedera surged nearly 81% in the past month, moving from a lower range toward the current window between $0.12 and $0.18, reflecting significant buyer activity. However, over the last six months, the coin has dropped by about 11.6%, indicating that long-term momentum remains under pressure despite recent short-term gains. A weekly climb of roughly 10.4% showcases an immediate recovery, while the historical decline reminds traders of potential vulnerabilities. Hedera is currently trading within a defined range, with support near $0.10 and resistance around $0.21. Secondary levels include approximately $0.04 on the downside and $0.27 on the upside. The current RSI stands at 60.45, suggesting buyer dominance without reaching overbought levels. While recent bullish interest is promising, caution is advised due to previous six-month weakness. Trading within the $0.10 to $0.21 corridor could provide opportunities; a break above $0.21 may lead to upward momentum toward $0.27, while a drop below $0.10 could prompt further selling. Conclusion SEI , ALGO , and HBAR present strong opportunities. SEI focuses on boosting transaction speeds. ALGO offers robust security and efficiency. HBAR excels in both speed and energy use. Each has unique strengths, making them solid options to consider. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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ETH's funding rate turns negative as the price drops below $3,600. The good news is, traders are buying the dip!
What to Know DOGE dropped 8% from $0.22 to $0.21 between 03:00 on July 31 and 02:00 on August 1, marking one of the steepest daily declines this month. The price action unfolded within a wide $0.03 range—between a peak of $0.23 and a low of $0.20—amid heavy resistance at the upper bound and capitulation near the session close. Volumes spiked sharply during the final hours of the session, particularly at midnight, where trading surged to 1.25 billion DOGE—well above the 24-hour average of 365 million. The move suggests heightened liquidation activity, likely triggering cascading sell orders across leveraged positions. News Background • DOGE fell 8% over 24 hours as volume surged to 1.25 billion during overnight trading. • Resistance at $0.23 held firm despite early upside attempts, while $0.21 emerged as short-term support. • Institutional wallets acquired 310 million DOGE during the correction, signaling accumulation during weakness. • Bit Origin added 40 million DOGE to its treasury as part of a $500 million corporate diversification program. • Broader crypto markets remain pressured by macroeconomic uncertainty, with inflation and rate path ambiguity clouding short-term sentiment. Price Action Summary DOGE tested $0.23 around 09:00–10:00 on July 31 but failed to sustain momentum. Selling accelerated through the afternoon and into the evening, with the largest single-hour drop occurring just after midnight. Price hit a low of $0.20 before stabilizing near $0.21, where it found repeated short-term support. In the final 60-minute session (01:08–02:07 on August 1), DOGE rebounded slightly from $0.21 to $0.21, logging a modest 1% gain. The move, while limited, came on relatively balanced volume and suggests short-term stabilization. The rejection near $0.21 resistance and narrowing price band indicate potential exhaustion of selling pressure in the immediate term. Technical Analysis • 8% decline from $0.22 to $0.21 with a wide $0.03 range between high and low. • Resistance at $0.23 confirmed after failed breakout attempts. • Support near $0.21 held multiple times during final hour, showing signs of accumulation. • Volume peak at 1.25 billion around midnight—a near 3x increase over the daily average. • Price action narrowed into a tight $0.21–$0.21 band post-recovery, signaling potential base formation. What Traders Are Watching • Whether DOGE can sustain its footing above the $0.21–$0.20 support range in coming sessions. • Signs of follow-through accumulation from wallets that acquired during the selloff. • Macroeconomic signals—including U.S. inflation commentary and Asian equity risk sentiment—that could influence broader crypto appetite. • Reaction to DOGE's inclusion in Bit Origin’s strategic allocation and potential future treasury demand catalysts.
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Bitcoin tumbled to a three-week low near $114,000 as Trump’s tariff executive order triggered a stock and crypto sell-off.
Crypto market is flashing bearish signal today as a new round of global tariffs from the White House sends jitters across all markets. The overall crypto market is down 7%, with Bitcoin briefly dropping to $115,000. Ethereum is holding the $3,700 support level but is still down 3.7%, while Solana has slipped 4.5% to $172. But what else is happening in crypto news today? Follow our up-to-date live coverage below. The post [LIVE] Crypto News Today: Latest Updates for August 01, 2025 – Crypto Market Sinks 7%, Bitcoin Drops to $115K Amid Renewed Tariff Tensions appeared first on Cryptonews .