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Techub News reports, citing Bitcoinist, that New York Attorney General Letitia James has reached a settlement with cryptocurrency platform Uphold, requiring it to pay over $5 million in compensation to customers. The settlement addresses Uphold's misleading promotion of the CredEarn product between 2019 and 2020, falsely claiming it was backed by insurance when no such insurance existed.
The New York Attorney General's Office stated that CredEarn actually generated returns by providing microloans to low-income gamers in China. Cred went bankrupt in November 2020, resulting in losses for thousands of investors. Under the settlement agreement, Uphold must pay $5 million in direct compensation to customers and return $545,000 recovered from the Cred bankruptcy proceedings.
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Techub News reports, citing Bitcoinist, that New York Attorney General Letitia James has reached a settlement with cryptocurrency platform Uphold, requiring it to pay over $5 million in compensation to customers. The settlement addresses Uphold's misleading promotion of the CredEarn product between 2019 and 2020, falsely claiming it was backed by insurance when no such insurance existed.
The New York Attorney General's Office stated that CredEarn actually generated returns by providing microloans to low-income gamers in China. Cred went bankrupt in November 2020, resulting in losses for thousands of investors. Under the settlement agreement, Uphold must pay $5 million in direct compensation to customers and return $545,000 recovered from the Cred bankruptcy proceedings.
如您认为本页面（或本平台）内容存在侵权或违规情形，请您在发现之日起尽快与我们联系，并提供：权利人姓名/名称及联系方式、被侵权作品名称及权属证明、具体侵权链接及情况说明。我们在核实后将及时处理相关内容。
联系方式：creator@techub.news
商务合作：contacting@techub.news
点击链接下载 Techub News App，获取最新讯息：
https://www.techub.news/download
（或扫描下方二维码下载）
All information provided on this website is for reference only. The website does not guarantee the accuracy, validity, timeliness, or completeness of the information. Any actions based on the information provided are at the user’s own risk.
