{"id":31440,"date":"2020-11-09T09:59:18","date_gmt":"2020-11-09T07:59:18","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=31440"},"modified":"2025-08-28T03:41:08","modified_gmt":"2025-08-28T00:41:08","slug":"visa-backed-crypto-lending-platform-cred-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/visa-backed-crypto-lending-platform-cred-files-for-bankruptcy\/","title":{"rendered":"Visa-backed crypto-lending platform Cred files for bankruptcy"},"content":{"rendered":"

The Visa-backed crypto-lending platform Cred, which joined the Visa ecosystem, began bankruptcy proceedings after fraud was detected. The company filed<\/a> for bankruptcy in the state of Delaware on Saturday, 7 November.<\/p>\n

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Cred valued its assets at $50-100 million, and its liabilities at $100-500 million. In a press release, the company noted that it filed the petition “in an effort to maximise value for creditors”.<\/p>\n

Over the last two weeks, the native Cred token (LBA) fell from $0.016 to $0.0009.<\/p>\n

\\\"Visa-backed<\/p>\n

Data: Messari<\/a>.<\/p>\n<\/div>\n

Earlier, Cred reported<\/a> violations in the management of certain corporate funds due to fraudulent activity. According to them, personal data and other user information were not affected.<\/p>\n

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2\/2 We also want to acknowledge the concerns expressed about Cred being hacked. We can tell you that\u2019s not the case. No Cred systems, customer accounts, or customer information have been compromised.<\/p>\n

\u2014 Cred (@ihaveCred) October 29, 2020<\/a><\/p>\n<\/blockquote>\n