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
Luke BelmarIndividualsCryptocurrency influencer Luke Belmar (@lukebelmar on X) became the subject of controversy following allegations related to the promotion of a memecoin. Critics on social media alleged that Belmar used a series of posts referencing a forthcoming cryptocurrency project and a large-scale airdrop to generate interest in a token without explicitly identifying a specific contract address. Belmar published multiple posts discussing an upcoming memecoin, describing plans for what he characterized as a major airdrop and making comparisons to other cryptocurrency projects. Because no contract address was publicly provided, several tokens emerged claiming association with his statements. Critics alleged that this ambiguity enabled speculation around multiple tokens while avoiding a direct endorsement of any particular asset.
Evolved Apes (NFT)ProjectsAn NFT collection launched on OpenSea in September 2021 that promised a fighting game. About a week later its anonymous developer 'Evil Ape' vanished with 798 ETH (~$2.7M). In June 2024 U.S. prosecutors charged three U.K. nationals over the scheme.
This page was last updated on Jun 15, 2026. View revision history.