New York Attorney General Letitia James reached a settlement with the cryptocurrency platform Uphold, which will pay over $5 million to compensate users harmed by the promotion of the CredEarn product. Regulatory allegations state that Uphold promoted the product as a safe and secure income tool between 2019 and 2020, but failed to disclose its high-risk model of earning profits by issuing loans to low-credit Chinese gaming players, and falsely claimed that there was "full insurance." Cred subsequently filed for bankruptcy in 2020, resulting in user losses. (Cointelegraph)

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