Case examiner says Cred platform hired escaped prisoner as CFO
Cred’s former Chief Financial Officer, James Alexander, has been identified by U.K. authorities as a prison escapee who was convicted for financial crimes. Bankrupt cryptocurrency lending platform Cred Inc is believed to have unwittingly appointed a prison escapee as its Chief Financial Officer.A report filed by examiner Robert Stark of Brown Rudnick LLP on March 8 asserts that former Cred CFO James Alexander has been identified by U.K. authorities as a financial fugitive who had been sentenced to more than three years imprisonment in December 2007. Stark said:"At the time of his....
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“We just want to know that our funds are safe,” said one Cred user United States-based cryptocurrency lending service Cred filed for Chapter 11 bankruptcy protection on Saturday, leaving many customers searching for solutions to get their funds. According to court documents, the legal team for Cred CEO Daniel Schatt filed bankruptcy papers for the company in the District of Delaware on Nov. 7. Cred listed its estimated assets at between $50-100 million and its estimated liabilities between $100-500 million. In an official statement, the company said it had filed for Chapter 11 in an....
This post was released for Issue 15 of Bitcoin Magazine as part of a series of articles about puzzles and games that started with Issue 12. Time for maze crawling! This is a maze that I invented in 1996. I first called it "4-dimensional maze" (you'll figure out why), but I don't like that definition much. It's more like a self-referential maze, a tricky concept. You'll need two coloured pencils (red and blue for example) and a notepad for bookkeeping in case you wish to submit your answers for a prize (see below). BACKGROUND STORY AND HOW TO CRAWL. Two prisoners are trapped in a maze. But....
A U.S. bankruptcy judge has rejected a motion to freeze the assets of beleaguered crypto lending service that was filed by its users. U.S. Bankruptcy Judge John Dorsey has denied an emergency motion filed by 15 customers of the embattled crypto lending firm Cred Inc. to freeze crypto assets held by the firm on exchanges amid its Chapter 11 bankruptcy proceedings.More than one dozen of Cred’s creditors filed the emergency motion on Nov. 23, seeking to compel 21 cryptocurrency exchanges to freeze assets held by Cred on their respective platforms, including five U.S.-based exchanges.During a....
A supposed Uphold user said that the first issues on CredEarn started on Oct. 15. Cred, a United States-based cryptocurrency lending service, has officially announced the temporary suspension of operations due to an ongoing investigation.On Oct. 29, Cred executives tweeted that the company is now cooperating with law enforcement authorities to investigate a “recent fraudulent incident.”As part of the ongoing investigation, Cred suspended “all inflows and outflows of funds.” The company expects to provide an update regarding the issue within the next two weeks.Unfortunately, we are unable....
Decentralized lending platform Cred says it's cooperating with law enforcement over a "loss of funds."