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BTCC / BTCC Square / Global Cryptocurrency /
Former Cred Executives Plead Guilty to Wire Fraud in Crypto Lender’s Collapse

Former Cred Executives Plead Guilty to Wire Fraud in Crypto Lender’s Collapse

Author:
Global Cryptocurrency
Published:
2025-05-14 14:59:01
14
2

Daniel Schatt and Joseph Podulka, former CEO and CFO of the bankrupt crypto lending firm Cred LLC, have admitted to wire fraud charges linked to the company’s 2020 collapse. The U.S. Department of Justice revealed their pleas amid an ongoing probe into misconduct that triggered significant investor losses during the peak of crypto lending’s popularity.

San Mateo-based Cred filed for Chapter 11 bankruptcy in November 2020, exposing systemic financial mismanagement. Court documents show Schatt and Podulka deliberately misrepresented the firm’s financial stability and lending practices before its failure. District Judge William Alsup has accepted their guilty pleas.

|Square

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