A former Chief Financial Officer of a Washington-based company, Nevin Shetty, was sentenced to two years in prison for embezzling $35 million of company funds into his decentralized finance (DeFi) platform HighTower Treasury. The funds were lost during the 2022 cryptocurrency market crash. The 42-year-old Shetty was previously informed that his position was about to be terminated, but he secretly invested company funds into high-yield protocols, initially making a profit of approximately $133,000. The company suffered severe financial losses as a result, leading to the layoffs of 60 employees. Shetty was ordered to pay over $35 million in damages and faces three years of supervised release.