New York forces Uphold to pay $5M over fraudulent crypto investment scheme
Cointelegraph
New York Attorney General Letitia James reached a $5 million settlement with Uphold for misleading users regarding a fraudulent crypto lending product.Summary
New York Attorney General Letitia James has secured a $5 million settlement from the cryptocurrency platform Uphold for its role in promoting CredEarn, a deceptive investment product. Between 2019 and 2020, Uphold falsely marketed the product as a safe, insured savings option, failing to disclose that returns were derived from risky microloans. When Cred, LLC declared bankruptcy, thousands of Uphold customers suffered significant losses. Under the agreement, Uphold must distribute the settlement funds to affected users and will pass on any additional recoveries from ongoing bankruptcy proceedings.
(Source：Cointelegraph)