BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

CFO of Seattle-Based Startup Accused of Losing Firm $35M in Crypto

CFO of Seattle-Based Startup Accused of Losing Firm $35M in Crypto
A Seattle-based startup, Fabric, has accused its former CFO of losing the firm’s money in crypto during the market crash of May 2022.



Nevin Shetty, 39, was hired in March 2021 as CFO of a company called Fabric, which makes software platforms for retail commerce.



Tech Startup Fabric Dragged CFO into Court Battle 



The casualties of the bear market in 2022 are indeed immeasurable. Individuals and firms’ greed and poor risk management cost them a great deal of money.



According to MoneyControl , Fabric’s former Chief Financial Officer (CFO), Nevin Shetty, allegedly took $35 million from the firm’s capital.



He then used the money for his crypto startup, HighTower Treasury, and lost it in May 2022’s market crash , triggered by the TerraLuna collapse .



Shetty started HighTower Treasury as a side business in February 2022. Not many details are available about Shetty’s startup online.



Allegedly, Shetty siphoned off the funds after being fired from Fabric for poor performance. The former CFO pleaded not guilty to four charges of fraud.



Fabric said in a statement:




“Since May 2022, Fabric has been cooperating with law enforcement in the investigation of the company’s former CFO Nevin Shetty’s conduct in the misuse of $35 million of fabric funds.”




According to Crunchbase, Fabric offers to build eCommerce platforms for its clients. Through four rounds, the company has raised funding of $293.5 million, and the latest funding was in Feb 2022.



Source: Crunchbase



Got something to say about this article or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok , Facebook , or Twitter .



For BeInCrypto’s latest Bitcoin (BTC) analysis, click here .
The post CFO of Seattle-Based Startup Accused of Losing Firm $35M in Crypto appeared first on BeInCrypto .

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ CFO of Seattle-Based Startup Accused of Losing Firm $35M in Crypto


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News



Dokky PRO - Bookcase Shop Script