Crypto lender Cred filed for chapter 11 bankruptcy in the United States on Nov. 7, a month after the company said it was investigating fraudulent activity involving corporate funds.

• Cred filed for bankruptcy in the state of Delaware, with assets of $50 - 100 million and liabilities of $100 - 500 million
• Grant Lyon will handle the company’s restructuring process with MACCO Restructuring Group acting as financial advisor
• In Oct. 2020, Cred said that it was investigating fraudulent activity with respect to its corporate funds and was carrying out internal accounting to assess the situation
• Trading platform Uphold, which had worked with Cred, filed a lawsuit against the latter for failing to inform it about the incident
• Uphold is suing Cred and its founders for fraud, breach of contract, and reputational damage
• The trading platform says that it believes the hole in the balance sheet is a result of actions by a former Cred executive