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May 13, Two former loan leadersa demolished cryptocurrency company, admitted that he had committed a wire fraud,, According to the contracts for acknowledgment of guilt accepted by a federal judge in California.
Daniel shootwho was the company’s executive, and Joseph PodulkHis Chief Financial Director, he declared himself guilty as part of the agreement with the prosecutors.
The court set up his punishment for August 26. Wire fraud fees may lead up to 20 years in prison and fines in the amount of $ 250,000 per person, or $ 500,000 if you charge for a job. Prosecutors have proposed prison sentences for up to six years for Schatt and just over five years for Podulk.
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In the Curish Recognition Agreement, Schatt and Podulk recognized They only had positive updates with customers while hiding information about serious problems at the company. When the company eventually went bankrupt, customers lost the combined total total amount between $ 65 and $ 150 million.
At the time of his bankruptcy, Cred said he owed customers about $ 150 million. However, by May 2024, the US Ministry of Justice noticed that the remaining property related to the company had Increased value and have now been worth more than $ 780 million.
Prosecutors also said the loan was Dali investors the wrong idea of how their money is resolved. A large part of his loan activity relied on the wetland, a Chinese company that gave players small, uninsured loans.
On May 9, the German authorities have removed the exchange of cryptocurrencies and seized digital assets worth about $ 38 million. What happened? Read the whole story.
After a master’s degree in economics, politics and culture of the East Asia region, Aaron wrote scientific papers by analyzing the differences between Western and collective forms of capitalism in the Era after World War II.
Considering the decade of experience in Fintech industry, Aaron understands all the biggest questions and struggles that cryptocurrency lovers face. He is an avid analyst who deals with the content based on data and facts, as well as the one who speaks to the web3 natives and the newcomer in the industry.
Aaron is a person for everyone and for all related to digital currencies. With a huge passion for Blockchain & Web3 education, Aaron tries to transform the space the way we know it and make it more affordable to complete beginners.
Aaron quoted more established outlets and was the author himself. Even during her free time, she enjoys exploring market trends and looking for the next Supernova.
