Uphold Denies Wrongdoing in Cred Fraud Case, Criticizes NY AG’s Characterization

Uphold HQ, Inc. has settled with the New York Attorney General's Office (OAG) regarding the collapse of Cred, LLC, a third-party firm whose CredEarn program failed due to executive fraud in 2020. The crypto platform sharply disputes the OAG's press release, calling it "profoundly inaccurate" and rejecting any suggestion of complicity.

"We categorically deny knowingly promoting Cred's scheme," said Uphold CEO Simon McLoughlin. The company maintains it was deceived alongside customers, a position supported by the U.S. Department of Justice's classification of Uphold as a victim in related criminal proceedings.

The settlement resolves civil inquiries but contains no admission of liability. Uphold emphasizes it never intentionally misled users and acted in good faith throughout its business relationship with Cred.