Former Cred executive sentenced for $140 million crypto fraud case and CEO gets 52 months in jail

According to ChainCatcher, according to Decrypt, the U.S. federal court ruled on September 1, 2025 on two former executives of crypto lending platform Cred: Former CEO Daniel Schatt was sentenced to 52 months in prison and former CFO Joseph Podulka was sentenced to 36 months in prison. The two previously pleaded guilty to conspiracy to telecom fraud, and put 80% of their customer assets into high-risk loans during the crypto market crash in 2020, resulting in $140 million in losses to 440,000 users (over $1 billion at current prices). The court also asked the two to pay a $25,000 fine and accept three years of supervision to release.