Techub News reports that, according to Decrypt, Nevin Shetty, a man from Washington State, secretly transferred $35 million of company funds into his own DeFi platform HighTower Treasury while serving as CFO of a private software company. He invested in high-yield lending protocols, but the funds were nearly wiped out after the Terra collapse in May 2022. The incident led to the company laying off 60 employees and nearly going bankrupt. Shetty was convicted of four counts of telecommunications fraud, sentenced to two years in prison, ordered to pay $35 million in restitution, and after release, will be under three years of supervision and is not permitted to hold any executive position in any company without approval.