Jane Wester
The verdict came in a historic case the U.S. Attorney's Office for the Southern District of New York described as the first-ever prosecution in a "digital asset insider trading scheme."
Greenberg Traurig shareholder Daniel Filor, who represents former OpenSea product manager Nathaniel Chastain, said his client does not dispute that he "bought low and sold higher" as he purchased and then sold the NFTs he had chosen to feature on OpenSea's website homepage.
The suit involved digital artist Kevin McCoy's artwork Quantum. In 2014, McCoy created an NFT of Quantum on a blockchain called Namecoin, and seven years later, McCoy and the auction house Sotheby's began marketing McCoy's NFT on the Ethereum blockchain.
The jury began deliberating Monday afternoon and on Wednesday morning awarded $133,000 in net profits and statutory damages to Hermès, represented by Baker & Hostetler.
