Ex-CFO Sentenced to Two Years after Diverting $35M to Crypto Venture
A former Seattle startup CFO received a two-year prison sentence for wire fraud after diverting $35 million to his crypto platform.Summary
Nevin Shetty, the former Chief Financial Officer of a Seattle startup, was sentenced to two years in prison for wire fraud. In 2022, Shetty secretly transferred approximately $35 million of company funds to a cryptocurrency platform he controlled, HighTower Treasury, to invest in high-yield Decentralized Finance (DeFi) lending protocols promising high returns. Although he initially earned $133,000, the value of the investments plummeted to nearly zero by May 2022 following the collapse of the Terra ecosystem. After the funds were essentially lost, Shetty disclosed his actions to executives and was immediately fired. He was convicted in November 2025 and has been ordered to repay the stolen funds and serve three years of supervised release following his prison term.
(Source：Cointelegraph)