A former CFO of a software company was convicted of fraud after embezzling $35 million to invest in DeFi, which resulted in total loss

According to Decrypt, Nevin Shetty, the former CFO of a software company in Washington State, was found guilty by a federal jury on four counts of wire fraud for unlawfully transferring $35 million of company funds to his self-built crypto platform and investing in high-risk DeFi protocols.

Shetty secretly transferred company funds in 2022 after learning he would be fired, initially profiting about $133,000, but his investments nearly went to zero after the collapse of the Terra ecosystem in May 2022. He subsequently admitted to his actions and was fired by the company. Shetty is scheduled to be sentenced in February next year, facing a maximum of 20 years in prison.