Cred customers demand answers after platform files for bankruptcy
“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....
Related News
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....
Also: Ripple is opening a new office in Dubai and President-elect Joe Biden mulls two crypto-friendly potential cabinet picks.
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....
In October, the lender published a cryptic letter saying that it has experienced “irregularities” in the handling of “specific” corporate funds by a “perpetrator of fraudulent activity.”
German cryptocurrency-focused bank Nuri has revealed that it has filed for bankruptcy, citing the protracted crypto winter. Customers’ access to the platform’s services and their funds have not been hampered, according to the firm. Nuri Files For Insolvency The cryptocurrency bank Nuri said on Tuesday that it has filed for bankruptcy in a court in […]