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Nevin Shetty was convicted of wire fraud related to secretly moving $35 million in funds from a Seattle startup to his own crypto platform in 2022 to use for DeFi investments.<\/p>\n
A Seattle judge has sentenced the former chief financial officer of a local startup to two years in prison following his conviction for wire fraud related to a cryptocurrency business.<\/p>\n
In a Thursday notice, the US Justice Department said<\/a> Nevin Shetty would serve two years in prison after he \u201csecretly moved app<\/a>roximately $35 million in company funds to a cryptocurrency platform he controlled as a side business.\u201d He moved the funds to the HighTower Treasury platform in 2022 before a crypto market downturn, resulting in the disclosure of the transfer.\u00a0<\/p>\n According to the DOJ, Shetty was able to transfer the funds without any executives or board members at the Seattle startup knowing about it, then using the money to invest in \u201chigh-yield DeFi lending protocols that promised to generate returns of 20% or more.\u201d He initially earned $133,000 in the first month before the collapse of the Terra ecosystem contributed to a significant market downturn.\u00a0<\/p>\n Read more<\/p>\n<\/p>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n\n