**[New York Attorney General Orders Uphold to Pay Over $5 Million in Compensation for Misleading Crypto Investment Product Advertising]** Odaily Planet Daily News – New York Attorney General Letitia James announced that the crypto platform Uphold has been ordered to pay over $5 million in compensation to affected users for promoting the allegedly fraudulent crypto investment product CredEarn. Investigations revealed that between January 2019 and October 2020, Uphold marketed CredEarn, launched by Cred LLC, as a "safe and reliable" high-yield savings product, promising users "comprehensive insurance coverage." However, it failed to disclose that the returns were actually derived from issuing high-risk microloans to low-income gamers in China, and the so-called insurance coverage did not exist. The New York Attorney General's Office also pointed out that Uphold did not obtain the necessary broker-dealer or commodity broker registration qualifications while promoting the product. Following Cred's bankruptcy filing in 2020, numerous users suffered losses. As part of the resolution, Uphold will directly compensate affected users with $5 million. Additionally, the $545,000 it recovers from Cred's bankruptcy proceedings in the future will also be fully returned to the relevant investors. (ny.gov)