Foley & Lardner LLP partner Geoffrey Goodman is quoted in the Fortune article, “Crypto lender Cred collapsed in 2020 after pulling in $135 million from customers. Its shady dealings foreshadowed FTX’s downfall—but regulators didn’t notice.”
Goodman, who co-chairs Foley’s Bankruptcy & Business Reorganization Practice Group, described Cred’s bankruptcy as a “hybrid” of multiple high-profile crypto bankruptcy cases.
“You had customers entrusting money to Cred that they believed was safe,” he explained, as Cred claimed to act like a “broker dealer or a Futures Commission merchant or a bank.” Instead, Goodman added, the money went in some cases to “unsavory charactors, [or] insiders absconding with [it].”
(Subscription required)
People
Related News
08 May 2024
In the News
Benjamin Dryden on Noncompete Ban – Expect Trade Secret Litigation Increase in ‘Volume and Nastiness’
Foley & Lardner LLP partner Benjamin Dryden offered insight on the specific impact to the manufacturing sector of the U.S. Federal Trade Commission’s (FTC) recently issued final rule banning noncompete agreements
08 May 2024
In the News
Foley Real Estate, Hospitality Transactions Highlighted in Golf Inc.
Foley & Lardner LLP served as legal advisor on two of Golf Inc.’s Top 10 Sales of 2023.
08 May 2024
In the News
Kyle Faget Assesses FDA Rule Regulating Lab-Developed Tests, Potential Challenges
Foley & Lardner LLP partner Kyle Faget offers insight on potential challenges to the U.S. Food and Drug Administration’s (FDA) final rule regulating lab-developed tests (LDTs)