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Former Cred Executives Plead Guilty to $150M Wire Fraud
Former Cred Executives Plead Guilty to $150M Wire Fraud
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Two former executives of bankrupt crypto lender Cred have admitted to wire fraud in a federal court, marking another black eye for the digital asset lending sector. Daniel Schatt, co-founder and ex-CEO, alongside former CFO Joseph Podulka, confessed to misleading investors about the company’s financial health—a deception that precipitated over $150 million in losses.
The guilty pleas, filed May 13 in California’s Northern District Court, underscore the regulatory risks still haunting crypto’s wild west era. While Cred’s collapse predates the 2022 lending crisis, the case reinforces the SEC’s tightening grip on opaque financial practices in digital asset markets.
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