Crypto firm Cred has been hacked. All funds frozen

Letter just received: Dear Sean,

We are writing to update you with additional information on your CredEarn Program. Cred is still in the process of assessing the business impact of a fraud incident in consultation with its Counsel and specialists. We are working hard to assess the situation and expect to share more next week. For now, all inflows and outflows of funds will remain temporarily suspended for the November 1 program.

We also want to acknowledge the concerns expressed about Cred being hacked. We can tell you that's not the case. No Cred systems, customer accounts, or customer information have been compromised.

We know this limited information is not sufficient to understand the status of your funds, we deeply regret any stress this ambiguity has put on you. Many Cred employees, family members, and partners have their funds with CredEarn as well.

Thank you for being vocal. We want you to know your voice is being heard; and we are committed to keeping you updated on the situation.

Sincerely,

The Cred Team

Full notification from Cred:

Cred has experienced irregularities in the handling of specific corporate funds by a perpetrator of fraudulent activity that has negatively impacted Cred’s balance sheet and precipitated a law enforcement investigation into the loss of these funds. Cred is cooperating fully with law enforcement authorities in connection with the investigation into the incident. Cred is in the process of carrying out an internal accounting of its assets and assessing the impact of the incident on its current business and in consultation with legal counsel has determined to temporarily suspend all inflows and outflows of funds relating to the CredEarn program. No client personal information or other account data has been compromised. Given the circumstances, we are unable to comment further at this time but we will undertake to provide an update within the next 2 weeks. We regret having to relay this disheartening news. However, we assure you that we will share as much information as we can, to keep you abreast of this matter. Thank you for your patience.

Uphold and Cred severed ties awfully quick.

For something geared towards transparency...really strange how ominous this all is.

Really has me thinking hard about Crypt, Nexo, etc and all of the other ones out there. I diversify for stuff like this so not a huge loss if I get nothing but damn.

Surprised this isn't getting more traction. Maybe not many users were leveraging it.