A report from Golden Finance reveals that three former executives of the collapsed crypto lender, Cred, have been charged with conspiracy to commit wire fraud, wire fraud, and engaging in financial transactions for illegal purposes.

Co-founder and former CEO of Cred, Daniel Schatt, former CFO Joseph Podulka, and former head of capital James Alexander, have been charged by the U.S. Attorney's Office for the Northern District of California. According to circulating information, Schatt and Podulka have reportedly been arrested and made their initial appearance in San Francisco court.

This case adds to the long list of legal incidents involving companies in the cryptocurrency industry, highlighting the importance of tighter regulation and oversight. For users of Gate and other cryptocurrency trading platforms, this incident serves as a reminder of the importance of conducting due diligence on the financial services they use.

It is important to note that these allegations are still in the indictment stage and have not been proven in court. However, this case could significantly impact investor confidence in the already vulnerable crypto sector. Industry players and regulators may become increasingly vigilant regarding the potential misuse of customer funds on crypto lending platforms.