Daniel Schatt
Co-founder and CEO of the crypto lender Cred. He pleaded guilty in 2025 to wire-fraud conspiracy for misleading customers about Cred's collateralization, hedging, and insurance, and was sentenced to 52 months in prison.
Also known as: Daniel Schatt
Bio
Daniel Schatt co-founded and led Cred LLC. Per his plea, he conspired to present an "incomplete, unreasonably positive, and thus misleading" portrayal of Cred while concealing material risks — including that its hedging partner had ended the relationship and a major borrower could not repay. [1][2]
Legal outcome
Indicted May 2024, Schatt pleaded guilty to wire-fraud conspiracy on May 13, 2025, and was sentenced in September 2025 to 52 months in prison plus a $25,000 fine and supervised release. [1][2]
Bracketed numbers refer to the numbered sources listed below.
Linked scams & cases
Sources (2)
See also
- Blockchain Terminal (BCT)TokensA 2017–2018 ICO (BCT tokens, ~$30M) for a 'Blockchain Terminal' — a Bloomberg-style crypto trading terminal. The SEC and DOJ said convicted ex-hedge-funder Boaz Manor secretly ran it under a fake identity ('Shaun MacDonald'), using associate Edith Pardo as a front, and lied about the product's adoption.
- Dropil (DROP)TokensAn ICO for the DROP token built around a fake 'Dex' trading bot. The SEC said it raised ~$1.9M while claiming $54M from 34,000 investors, and that the founders falsified evidence during the probe. Founders Jeremy McAlpine and Zachary Matar pleaded guilty to securities fraud (36 and 30 months).
- CluCoin (CLU)Tokens
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