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DeFi Cred Platform Investigates Decentralized Credit Fraud

DeFi Cred Platform Investigates Decentralized Credit Fraud

The decentralized lending platform Cred said it was working with law enforcement agencies to investigate the fraud that led to the loss of assets.

According to
media reports, Cred’s asset balance was “negatively impacted”, which led to cooperation with law enforcement agencies to investigate the loss of this money. The platform’s team confirmed the problem and said it was conducting an” internal accounting ” of assets to determine the amount of losses.

According to an email from the company, Cred’s legal adviser advised the platform to temporarily suspend the CredEarn program. The company said more details will be provided within “the next [two] weeks.”

The Uphold trading platform has informed its clients that it has ” decided to terminate its relationship with Cred.” This means that both Cred and Uphold customers will be affected, who will no longer be able to transfer crypto assets to Cred from the Uphold wallet and view the Cred balance on the Uphold platform. According to the Uphold letter, Cred can still refund crypto assets owed to customers directly to the Uphold wallet.

Recall that last year, one of the largest cryptocurrency exchanges Binance concluded
agreement with Cred. As part of the agreement, Cred transferred some of its ERC20 tokens to the Binance Chain blockchain and became the official provider of credit solutions in the DeFi ecosystem.