Former Cred execs admit to wire fraud over $150M crypto collapse. Sentencing set for Aug. Plea deal details selective info disclosure. Losses from collapse climb to $783M. Other execs facing charges & court outcomes detailed.

Former Cred CEO Daniel Schatt and CFO Joseph Podulka pleaded guilty to wire fraud linked to Cred's bankruptcy. The plea deal included admitting to selectively sharing positive info while hiding negative news to attract customers. The possible sentence ranged up to 72 months for Schatt and 62 months for Podulka with up to 20 years in prison and fines up to $250,000 for individuals. Cred customers suffered losses of $150 million, assets now valued over $783 million. Charges of wire fraud and money laundering were pressed with associated risks and misleading practices. After Bitcoin's price drop, Cred faced insolvency, prompting aggressive customer acquisition while underplaying risks. Schatt, Podulka, and former chief commercial officer James Alexander were implicated. Other individuals in the crypto industry faced legal actions too, including the founder of Celsius and Wolf Capital. The executives' actions led to customer losses estimated between $65 million and $150 million. Sentencing hearing set for August.