Citing PANews, a former CFO of a U.S. software company, Nevin Shetty, was found guilty of four counts of wire fraud after misappropriating $35 million in company funds and investing them in high-risk DeFi protocols. Shetty transferred the funds secretly after learning of his impending termination in 2022, initially earning $133,000 in profits, but lost nearly all the money following the collapse of the Terra ecosystem in May 2022. He later admitted to the misconduct and was fired. Shetty is scheduled to be sentenced in February 2026 and could face up to 20 years in prison.
Former CFO of Software Company Sentenced for Embezzling $35M into DeFi
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