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.
