Former Cred executives sentenced in $140 million crypto fraud case, CEO receives 52 months in prison

ChainCatcher news, according to Decrypt, the U.S. federal court ruled on September 1, 2025, against two former executives of the 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.

Both had previously pleaded guilty to conspiracy to commit wire fraud, having invested 80% of customer assets into high-risk loans during the 2020 crypto market crash, resulting in losses of $140 million for 440,000 users (over $1 billion at current prices).

The court also ordered both to pay a fine of $25,000 each and to undergo three years of supervised release.