@MoreGainStrategies 12 November 2020 more from that month

Crypto Lending Disaster: Cred's Bankruptcy Documents Are Now Available to the Public

Just a few minutes ago I received another email regarding the disaster around the crypto lending platform *Cred*. As you may already know, Cred offered a crypto lending program to *Uphold's* customers. *Uphold* is a custodial wallet that *Brave* uses to pay out its rewards. Cred's motto was "we lend out your crypto to borrowers who leave a collateral with us as security. Don't worry, all loans are over-collateralized. Don't worry, we're insured. And you can collect 4% -- or even more -- as interest for your crypto. *What could possibly go wrong?*" Everything, apparently. As *Cred* files for chapter 11 bankruptcy right now... I reported about their strange way of communicating with their customers (I am one of them, unfortunately) before. They sent a few emails claiming that *Cred* fell victim to some undisclosed fraud. Actually, before *Cred* sent any message at all, *Uphold* announced via email that they stopped all collaborations with *Cred*. It was only then that *Cred* sent its first email. The first one was closely followed by a second. And finally, after about two weeks of waiting, the most recent email from *Cred* announced that they are filing for bankruptcy... The sad highlights so far in *Cred's* communication: No reassurance regarding the safety of customer's funds No mention of *Cred's* insurance and if it will cover the damage No information about the specifics of what happened or how much damage was done Another email, but this time not from Cred directly Just now I received another email concerning *Cred's* filing for bankruptcy. This time, the author is not *Cred* itself, but *Cred's* legal representation. That's also the reason why I won't publish a copy or a screenshot of that email. The fine print prohibits that and ultimately, I don't want to get sued. I already lost some money that I "invested" with Cred and I don't want to risk losing another Cent because of *Cred*... Instead, I will summarize what is written in the email and hope that I'm on the safe side with this solution. Dear person who will probably not see a single Penny of the funds you put into *Cred*, *Cred* filed for chapter 11 bankruptcy in the Bankruptcy Court for the District of Delaware. If you want to see the court documents, click here. https://www.donlinrecano.com/Clients/cred/Dockets Whenever *Cred* has to send you an email, because the law forces them to, they will send you an email. They specify the events that will force *Cred* to write an email. *Cred* can also send you a letter instead (if you live in the nineteenth century). And you can get physical copies of the court documents (if you hate trees and don't own a printer)... That's basically it. PS: If you copy any part of the email, we make your life hell. Therefore, we can now have a look at the legal documents. What do you think? What caused all of this to happen? Will investors get any of their funds back? Where are the assets? Did Cred actually have any insurance at all? Were you invested with them? Let me know in the comments! Thank you for reading and let's hope for the best. But let's prepare for the worst...