Former Cred CEO Sentenced to 52 Months in Prison for $150 Million Cryptocurrency Fraud

BlockBeats News, September 1st, according to Decrypt's report, a federal judge sentenced two former executives of the bankrupt crypto lending company Cred to a total of nearly eight years in prison, their actions leading to one of the most significant investor losses in the crypto industry's history. Legal experts say this ruling sets a new precedent for holding executives accountable in crypto fraud cases.

Former CEO and Co-founder of Cred LLC, Daniel Schatt, was sentenced to 52 months in federal prison, while the company's CFO, Joseph Podulka, received a 36-month sentence.