{"id":30838,"date":"2020-10-28T13:24:31","date_gmt":"2020-10-28T11:24:31","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=30838"},"modified":"2025-08-28T00:13:53","modified_gmt":"2025-08-27T21:13:53","slug":"cred-the-crypto-lending-platform-reports-loss-of-funds-due-to-fraud","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/cred-the-crypto-lending-platform-reports-loss-of-funds-due-to-fraud\/","title":{"rendered":"Cred, the crypto-lending platform, reports loss of funds due to fraud"},"content":{"rendered":"<p>The Cred crypto-lending platform, which has joined the Visa ecosystem, notified its users of an incident that required law-enforcement involvement. According to CoinDesk.<\/p>\n<p><!--more--><\/p>\n<p>Cred representatives say that the platform was affected by breaches &#8220;in the process of handling certain corporate funds by the perpetrator of fraudulent activity.&#8221; This adversely affected the balance sheets. The platform did not specify the amount involved.<\/p>\n<p>Law enforcement authorities are conducting the investigation into the loss. The company noted that it is conducting an internal audit and will present a detailed report within the next two weeks.<\/p>\n<p>Withdrawals and deposits under the CredEarn program are suspended. The service assured users that their personal data and other information have not been compromised.<\/p>\n<p>On Cred&#8217;s Twitter support account, customers expressed dissatisfaction with the lack of communication and new information.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\"ltr\" lang=\"en\">Unless for legal reasons, how is this even professional? <a href=\"https:\/\/twitter.com\/ask_Cred?ref_src=twsrc%5Etfw\">@ask_Cred<\/a> <a href=\"https:\/\/twitter.com\/IhaveCred?ref_src=twsrc%5Etfw\">@ihaveCred<\/a> No announcements? No communication? No updates? True colors are starting to show here.<\/p>\n<p>\u2014 DJ Snyder (@DJ__Snyder) <a href=\"https:\/\/twitter.com\/DJ__Snyder\/status\/1321030669754138624?ref_src=twsrc%5Etfw\">October 27, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The Uphold trading platform, whose customers used the platform to earn from their assets, announced it would terminate its relationship with Cred &#8220;for commercial reasons&#8221;.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\"ltr\" lang=\"en\">Hi there \u2014 We have terminated our relationship with Cred for commercial reasons.<\/p>\n<p>\u2014 Uphold (@UpholdInc) <a href=\"https:\/\/twitter.com\/UpholdInc\/status\/1321179356316786688?ref_src=twsrc%5Etfw\">October 27, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>It is reported that users will not be able to link Uphold wallets to Cred. Only payouts from the CredEarn program will be available to them once it resumes.<\/p>\n<p>Earlier in September, Cred <a href=\"https:\/\/forklog.com\/en\/news\/crypto-lending-platform-cred-joins-visas-fast-track-fintech-programme\">became<\/a> a participant in Visa&#8217;s Fast Track program. This integration allowed the platform to issue crypto-credit cards, extend fiat loans against them, and send payouts to Visa client bank accounts.<\/p>\n<p>Follow ForkLog news on <a href=\"https:\/\/twitter.com\/ForkLog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Cred crypto-lending platform, which has joined the Visa ecosystem, notified its users of an incident that required law-enforcement involvement. CoinDesk reports.<\/p>\n","protected":false},"author":1,"featured_media":30839,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1541,1154,1097],"class_list":["post-30838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cred","tag-crimes","tag-lending"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/30838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=30838"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/30838\/revisions"}],"predecessor-version":[{"id":30840,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/30838\/revisions\/30840"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/30839"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=30838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=30838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=30838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}