Former Cred executive pleads guilty to $150 million crypto fraud

Odaily News On May 14, Daniel Schatt, former CEO of the bankrupt crypto lending service platform Cred, and former CFO Joseph Podulka pleaded guilty in a California district court, admitting to intentionally misleading customers about the company's financial condition and lending business in 2020, causing customers to lose up to $150 million in cryptocurrency.
Judge William Alsup accepted the plea agreement and scheduled a sentencing hearing for August 26. The two may face up to 72 and 62 months in prison, respectively. Cred filed for bankruptcy in October 2020, and customers filed more than 6,000 claims worth more than $140 million.