The court of the Northern District of California was sentenced by the CED CRIPENT CRIPENTER CRIPENTER Daniel SChatt and the financial director of Joseph Podulka by 52 and 36 months of the prison, respectively. Top managers were accused of fraud.

In addition to the prison term, the senior district judge William Alsup appointed the defendants a three-year suspended sentence and ordered them to pay a fine worth $ 25,000. 55-year-old shuts from San Mateo and a 53-year-old Palo-Alto submarine should begin to serve his sentence on October 28. The court hearing on compensation for damage to the injured investors is scheduled for October 7.

In May 2025, the leaders of the Cred crypto platform pleaded guilty to the fraud and deceit of the owners of cryptocurrencies to which the company provided financial services. The confession agreement states that the shutt and the submarine misled the clients about the activity of Cred, promising guaranteed profit, but not revealing important information about the problems and risks associated with the platform.

By the end of 2018, Cred issued loans in US dollars secured by cryptocurrencies and cryptocurrency deposits with interest payment. According to the US Department of Justice, the cryptocreter business depended in many ways on the Chinese company created by one of the co -founders of Cred for the generation of interest income for customers. As part of the agreement, Cred provided a Chinese company in the form of interest on the funds of its customers, and the Chinese company, in turn, provided Chinese users with short -term microloans at high interest rates for profit, which then returned to the Cred platform.

The agreement began to operate in March 2020, against the background of the pandemia of the Covid-19 and a sharp fall in the Bitcoin course. The Cred management soon found out that the partner company in risk hedge is at risk of bankruptcy. Then this partner, the Chinese company, stopped relations with Cred, and later top managers learned that it would not be able to pay Cred tens of millions of dollars.

The Cred management did not tell its clients about the deterioration of the financial situation of the platform. On the contrary, top managers continued to say that their business is “working normally,” the Ministry of Justice said. On November 7, 2020, Cred submitted a bankruptcy statement. Customs and investors Cred filed against the platform more than 6,000 claims for a total amount exceeding $ 1 billion.

“The shut and the submarine organized a scheme, luring out the investors with difficulty earned funds, trying to make money on a unprofitable business. The criminal conspiracy of the defendants caused significant damage to Cred to customers, ”said Matt Cobo, acting as a special agent of the Federal Investigation Bureau of Investigations.

In July, the court sentenced the US resident to 32 months of prison and a fine of $ 1.1 million for fraud with computers for mining. Recently, the court appointed a ten-year prison term for a 20-year-old young man for the theft of cryptocurrencies.