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New York AG Settles With Uphold for $5M Over CredEarn Promotion
New York Attorney General Letitia James settled with Uphold for more than $5 million over its promotion of CredEarn, a third-party crypto yield product. The settlement says more than 6,000 Uphold customers put roughly $50 million into CredEarn and later lost more than $34 million when Cred collapsed. James’s office said Uphold marketed the product as safe and savings-like, failed to disclose the source of its yields, and repeated Cred’s claim of “comprehensive insurance.” The settlement also requires Uphold to hand over any recovery from Cred’s bankruptcy and adopt a formal due diligence process for third-party products.