Three former executives with bankrupt crypto lender Cred were indicted Thursday on charges of conspiracy to commit wire fraud, wire fraud and engaging in financial transactions for illicit purposes.
Similar to these other failed companies, Cred offered a lending program,"CredEarn," that accepted deposits from investors and offered market-leading interest rates before it filed for bankruptcy without enough money to pay back creditors. Depositors had entrusted more than $100 million worth of crypto with Cred by the time it collapsed.
"The Cred Liquidation Trust and its professionals have been working tirelessly to pursue recoveries for creditors. We spent a lot of time and effort cooperating with law enforcement.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: