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Uphold Settles for $5M Over Shady Crypto Investment
Description
New York Attorney General Letitia James fines Uphold $5 million for misleading investors in CredEarn, a risky crypto investment. Uphold promoted CredEarn as a safe investment with high interest rates, but it was funded by loans to low-income Chinese gamers with no credit history. Uphold also falsely claimed full insurance coverage and operated without proper registration. When CredEarn collapsed, Uphold customers lost their money. The settlement includes a fund for affected customers and any recovery from CredEarns bankruptcy. New York is also cracking down on crypto platforms, suing Coinbase and Gemini over prediction markets.
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