Uphold claims that it was not at fault for promoting the now-failed CredEarn product it jointly created with bankrupt crypto lender Cred.
Furthermore, it alleged that Uphold “aided and abetted alleged breaches of fiduciary duties by Cred co-founders Daniel Schatt and Lu Hua and other key Cred officers in connection with the CredEarn program,” according toThe suit also alleged that Uphold was aware that Cred was “implementing a highly risky hedging strategy and that there was regulatory risk associated with cryptocurrency yield earning programs.
Uphold’s attorney, Zachary Taylor of Baker & Hostetler, told the court “unsupported speculation is all the trust has,” before adding “it makes no sense.”
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