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Former Cred executive pleads guilty to cryptocurrency fraud involving $150 million

2025-05-14 09:26

BlockBeats News: On May 14th, Daniel Schatt, former CEO of the bankrupt cryptocurrency lending service platform Cred, and Joseph Podulka, former CFO, pleaded guilty in California District Court to intentionally misleading customers about the company's financial status and loan business in 2020, resulting in customers losing up to $150 million in cryptocurrency. Judge William Alsup accepted the plea agreement and scheduled a sentencing hearing on August 26th, with the two facing up to 72 months and 62 months in prison, respectively. Cred filed for bankruptcy in October 2020, with clients filing over 6000 claims worth over $140 million.

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