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].”
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