TechFlow News: On March 7, according to Decrypt, Nevin Shetty, a 42-year-old man from Washington State, was convicted of four counts of wire fraud for secretly transferring $35 million in company funds—while serving as CFO of a private software firm—to his own DeFi platform, HighTower Treasury, and deploying the funds into high-yield lending protocols. The collapse of Terra in May 2022 caused nearly the entire sum to be wiped out. As a result, the company laid off 60 employees and narrowly avoided bankruptcy. Shetty was sentenced to two years’ imprisonment, ordered to pay $35 million in restitution, and required to serve three years of supervised release upon release from prison. Additionally, he is prohibited from holding any executive position at any company without prior approval.
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