Former executives of the bankrupt cryptocurrency lending company called "Cred" are facing fraud charges! 😱😂 Daniel Schatt, Joseph Podulka, and James Alexander were charged with wire fraud and financial transactions for illegal purposes.

Cred filed for bankruptcy in 2020, estimating its debts at between $100 million and $500 million. However, he said his assets were less than $100 million. The company attributed its failure to "irregularities" in how "certain corporate funds" were handled.

Cred introduced a lending program called "CredEarn" that offered high interest rates. However, without enough money to repay his creditors before filing for bankruptcy. Investors invested over $100 million in cryptocurrency until Cred's collapse.

He attributed much of Cred's collapse to the failure of Quantcoin, the external investment manager to which Cred was entrusted with 800 BTC. Cred Liquidation Trust later claimed that most client funds were in fact quietly lent to Chinese micro-lender MoKredit.

Does this story sound like a cryptocurrency comedy? 😂🤣 Leave your comments below and let us know what you think of this crypto drama!#DeFi#Web3