Cryptocurrency lending platform Cred submits a request for bankruptcy protection … Details here
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Answer Cryptocurrency lending platform Cred submits a request for bankruptcy protection … Details here
After some indications appeared that the Cred platform for cryptocurrency lending services was facing something wrong, as we had previously published on Arab Bitcoin. The news of stopping all of its operations.
To make the picture more clear and show that the company is facing a financial deficit, it filed for bankruptcy officially last Saturday in the US state of Delaware.
In the filing for bankruptcy protection, Cred told that assets were estimated at between $50 million and $100 million while liabilities were between $100 million and $500 million.
In a press release sent via email to sourcetold Cred that Grant Leon has been appointed from the company’s board of directors to oversee the restructuring process.
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MACCO Restructuring Group has also been appointed as a financial advisor to evaluate mergers and acquisitions and other restructuring opportunities.
In October, Cred published a vague letter saying it was facing wrongdoing for handling fraudulent company funds.
For Cred to suspend the “CredEarn” program, as Cred did so after receiving advice from the legal advisor who recommended that the inflows and outflows related to the CredEarn program be temporarily suspended.
At the same time, the trading platform Uphold informed its users that it had decided to discontinue its relationship with Cred.
In addition, the Uphold platform announced in a tweet yesterday, Sunday, its intention to pursue legal remedies on behalf of its customers, citing breach of contract, fraud, and related claims by Cred.
Cred was introduced to Ch. 11 bankruptcy protection yesterday. Uphold plans to take legal action against Cred and its principles for breach of contract, fraud, and related claims. Any proceeds will be used first to help users who suffer losses in Cred. More here
– Uphold (UpholdInc) November 8, 2020
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The following is the bankruptcy protection application submitted by Cred crypto lending services platform:
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