Cred Borrower Seeks To Hit Third Parties For Collateral Loss
Law360 (January 6, 2021, 7:45 PM EST) -- A creditor of cryptocurrency investment platform Cred Inc. Wednesday asked a Delaware bankruptcy judge for permission to go after third parties to recover millions of dollars it says it lost when Cred was unable to return bitcoins it had accepted as collateral for a loan.
Over the course of a six-hour remote hearing, cryptocurrency miner UpgradeYa told the court it never surrendered its property rights to the now-unaccounted for bitcoins and should be allowed to pursue third parties possibility involved in their loss, while Cred and its unsecured creditors committee claimed the cryptocurrency was estate property and only Cred should be...
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