Cred, the US-based cryptocurrency lending service, has officially announced a temporary suspension of operations due to an ongoing investigation.
On October 29, Cred executives tweeted that the company is now working with the police to investigate a “recent fraud.”
As part of an ongoing investigation, Cred commented “all money inflows and outflows”. The company plans to provide an update on this issue within the next two weeks.
The news came shortly after Uphold, a major portfolio and cryptocurrency trading platform in the United States, ended its partnership with Cred. On October 25, Uphold sent an official announcement that the company had “terminated its relationship with the third party offering Credits”. Uphold provided some details about the termination, and said Uphold users will no longer be able to connect their Uphold wallet to Cred.
According to some Uphold users, there could be issues with Cred in the past. A fictitious client Uphold, who also uses CredEarn, told Cointelegraph that he encountered a technical issue for the first time that prevented the money from pouring in on October 15th. According to one user, Uphold said Cred.
Shortly after Uphold terminated their relationship with Cred without explanation, a user said disrupted user connections to all Cred Telegram chat members, adding that about $ 140,000 in Bitcoin (BTC) and other assets were now locked into their Cred account. …
When asked to comment on experienced clients’ issues on the platform, Cred CEO Dan Chat said the company “values its past partnership with Uphold and will make sure users are informed of any updates to their Cred account.”