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US CFO embezzles $35 million from the company to invest in DeFi, sentenced to two years in prison
Deep Tide TechFlow News, March 7th, according to Decrypt, Nevin Shetty, a 42-year-old man from Washington State, USA, secretly transferred $35 million of company funds into his own DeFi platform HighTower Treasury while serving as CFO of a private software company. He invested in high-yield lending protocols, but the funds were nearly wiped out after the Terra collapse in May 2022. The incident led to 60 layoffs and almost caused the company’s bankruptcy. Shetty was convicted of four counts of telecommunications fraud, sentenced to two years in prison, ordered to pay $35 million in restitution, and after release, he will be under three years of supervision and is not allowed to hold any executive position in any company without approval.