📣Crypto News Flash: Former Cred Executives Indicted!

Three ex-executives from the bankrupt crypto lender Cred are facing charges of conspiracy to commit wire fraud, wire fraud, and engaging in illicit financial transactions. The indicted individuals include Cred's ex-CEO Daniel Schatt, former CFO Joseph Podulka, and former Chief Capital Officer James Alexander.

Cred, which filed for bankruptcy in 2020, was among the first high-profile crypto lender bankruptcies. The company offered a lending program, "CredEarn," that promised high-interest rates but filed for bankruptcy without sufficient funds to pay back creditors.

The U.S. Department of Justice alleges that the defendants lured customers by promising significant returns on crypto investments, but failed to disclose that the assets to pay the yield were generated by a single company making unsecured micro-loans to Chinese gamers.

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