Former Cred CEO sentenced to 52 months in prison for $150 million cryptocurrency fraud case

According to BlockBeats, on Sept. 1, a federal judge sentenced two former executives of bankrupt crypto lending company Cred to a total of nearly eight years in prison, according to Decrypt, whose actions have resulted in one of the worst investor losses in the history of the crypto industry. Legal experts say the verdict sets a new precedent for accountability for senior executives in crypto fraud cases. Daniel Schatt, former CEO and co-founder of Cred LLC, was sentenced to 52 months in federal prison, while Joseph Podulka, the company’s chief financial officer, was sentenced to 36 months.