TechFlow, September 1 — According to Decrypt, a U.S. federal court has sentenced two former executives of the cryptocurrency lending platform Cred: former CEO Daniel Schatt was sentenced to 52 months in prison, and former CFO Joseph Podulka received a 36-month sentence. Both previously pleaded guilty to conspiracy to commit wire fraud. During the 2020 crypto market crash, they deployed 80% of customer assets into high-risk loans, ultimately causing 440,000 users to lose $140 million (over $1 billion at current prices). The court also ordered each of them to pay a $25,000 fine and serve three years of supervised release.
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