#credearn

[rwatimes]

Uphold Disputes NYAG Allegations Following $5M CredEarn Resolution

Uphold challenges NYAG's allegations after $5M CredEarn settlement, asserting Cred misled the company while accepting enhanced compliance obligations.

➤ Uphold disputes the New York Attorney General's characterization of its role in the CredEarn yield offering, asserting Cred misled the company and its users. ➤ The NYAG alleged Uphold marketed CredEarn without adequate risk disclosure, leading to significant user losses after Cred's insolvency. ➤ The resolution requires Uphold to pay $5 million in restitution and implement enhanced risk assessment protocols for external partner products.

[rwatimes]

New York AG settles for $5 million with Uphold in first enforcement action against a crypto yield product promoter

The settlement is the first New York enforcement action to target a platform that promoted someone else's crypto yield product rather than its own issuer.

➤ New York Attorney General Letitia James settled with crypto platform Uphold for over $5 million regarding its promotion of Cred's CredEarn yield product, which collapsed and caused significant investor losses. ➤ This action is notable as it targets the promoter of a crypto yield product rather than the issuer, establishing a new precedent for enforcement under New York's Martin Act. ➤ Uphold admitted factual findings but disputed characterizations of knowing involvement in fraud, while the settlement mandates enhanced due diligence for third-party products.

[rwatimes]

New York Forces Uphold to Pay $5M in Crypto Fraud Scheme

New York’s top prosecutor has secured a settlement with Uphold over the platform’s promotion of a crypto-backed savings product, CredEarn. The agreement centers on allegations that Uphold marketed CredEarn as a safe, reliable vehicle for interest-bearing returns while omitting ma...

➤ New York's Attorney General has secured a $5 million settlement with crypto platform Uphold over its promotion of the CredEarn savings product. ➤ Uphold allegedly misrepresented CredEarn as safe and reliable, failing to disclose that returns were funded by risky microloans to borrowers with poor credit history and that promised insurance was non-existent. ➤ The settlement requires Uphold to compensate affected users and highlights increased regulatory scrutiny on crypto promotions, emphasizing the need for transparency and proper registration.

[rwatimes]

New York Orders Uphold to Pay $5M for Fraudulent Crypto Product

New York Attorney General Letitia James announced a settlement with Uphold, a cryptocurrency trading and wallet platform, over its promotion of CredEarn, a product offered by Cred, LLC and its CEO Daniel Schatt. The agreement secures more than $5 million in restitution to affecte...

➤ New York Attorney General Letitia James has secured a $5 million settlement with crypto platform Uphold over its promotion of the CredEarn product. ➤ Uphold failed to disclose the risky nature of CredEarn, which involved microloans to Chinese gamers, and misrepresented insurance coverage, while operating without proper registration. ➤ The settlement highlights the ongoing regulatory focus on transparency, licensing, and consumer protection for crypto platforms, with implications for future enforcement actions.

[pavel-nosok]

Uphold exchange denies owing millions to failed crypto lender Cred

Uphold exchange denies owing millions to failed crypto lender Cred

Cred sued Uphold in June 2022 over a jointly promoted crypto yield product called CredEarn.

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[cryptobitnews]

TrueUSD Stablecoin Holders Can Get ‘Up to 8%’ Interest Via CredEarn Holders of the dollar-pegged stablecoin TrueUSD can now leverage their funds to generate returns under a new partnership between the token’s developer TrustToken and crypto lender Cred.

[euteh]

TrueUSD Stablecoin Holders Can Get ‘Up to 8%’ Interest Via CredEarn Holders of the dollar-pegged stablecoin TrueUSD can now leverage their funds to generate returns under a new partnership between the token’s developer TrustToken and crypto lender Cred.