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Consumer Law

Cred Files for Bankruptcy After Fraud Incident

After halting depositings and withdrawals after a fraud incident, Cred has now filed for Chapter 11 bankruptcy in the District Court of Delaware. Cred owes at least $67 million to its creditors, according to the bankruptcy document.

Cred is also one of several lending and borrowing companies, like Celsius, to raise money through an ICO. Cred raised $26.4 million in a 2018 ICO if its LBA token.

Troubles Within the Company

On Oct. 29, cryptocurrency lending and borrowing platform Cred announced that it was halting fund deposits and withdrawals.

Read the source article at Crypto Briefing

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