Former CFO Sentenced for Diverting $35 Million to DeFi Platform

Nevin Shetty, the former Chief Financial Officer of a private software company in Washington, has been sentenced to two years in prison for misappropriating $35 million of company funds into his own decentralized finance (DeFi) platform. According to NS3.AI, the funds were lost following the collapse of the Terra ecosystem and a broader downturn in the cryptocurrency market. This financial misstep led to the company laying off 60 employees. In addition to his prison sentence, Shetty is required to pay $35,000,100 in restitution and will undergo three years of supervised release, during which he will face restrictions on serving as a corporate officer.