PANews May 3 news, according to Cointelegraph, New York State Attorney General Letitia James stated that more than $5 million in compensation has been recovered from the cryptocurrency platform Uphold, due to the platform misleading consumers and promoting fraudulent investment schemes. Between January 2019 and October 2020, Uphold promoted CredEarn on its platform and mobile application to users, claiming it was a safe, reliable savings product with an enticing annual interest rate. However, Uphold did not disclose the actual risks, and at that time, there was no insurance in the industry to protect retail investors from losses in digital assets. In addition to misleading advertising, Uphold also failed to register as a broker-dealer or commodity broker as required. Starting in March 2020, Cred incurred huge losses due to high-risk lending and filed for bankruptcy in November of the same year, resulting in financial damage to thousands of Uphold users worldwide. According to the settlement terms, Uphold will pay $5 million directly to affected users (more than five times the fees it charged). Any funds recovered by Uphold from the Cred bankruptcy proceedings will also be passed on to the victimized users.

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