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].”
