According to Odaily Planet Daily, on May 14, former CEO Daniel Schatt and former CFO Joseph Podulka of the bankrupt crypto lending platform Cred pleaded guilty in California federal court, admitting to misleading customers about the company's financial condition in 2020, leading to customer losses of up to $150 million in cryptocurrency. Judge William Alsup accepted the plea agreement, scheduling a sentencing hearing for August 26, with the two facing potential sentences of up to 72 months and 62 months in prison, respectively. Cred filed for bankruptcy in October 2020, with customers filing over 6,000 claims worth more than $140 million.