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Lost all my money due to their scam. They lent to themselves the money of the people who trusted them. Most of it through an obscure chinese company owned by one of the cofounders that conveniently couldn't pay back the money. Obvious exit scam by the founders.
This is a new company but it is certainly legit. One benefit of dealing with this company is that the support people are 10x's smarter than you'd get with, say, Verizon. Here's an example of correspondence from 2019. Note the answers in good English. Why is this important? Imagine there's a problem getting your money back. At that point, would you want to be dealing with fools (like at Skrill or Circle [USDC]) who brush you off and/or can't properly answer a question? No, you wouldn't!
"1. Q: if I invested 18Oct, why does interest only start 01Nov?
A:Our program will only begin on our strike dates which is the 1st and 15th of every month. If you would like to begin earlier you have the option to enroll via manual ticket which requires a minimum of $250K or more in value. Some benefits include- no withdrawal limit or conversion fees, can begin anytime, negotiable terms, and more. Let me know if you would like to dive deeper.
2. Q: How can I know that invested funds aren't being used to pay for Cred's losses? Are audited statements going to be available?
A: We do not publish audited statements but I can explain to you what we do with your assets. We typically convert 70-80% of swept assets into USD which we use to lend on a collateral basis. We require a 50% LTV (loan-to-value) which translates into $2 of collateral for every dollar we lend. In addition we hedge all our positions so that we can return your assets unit-for-unit. The remaining 20-30% is stored with our custodians.
3. Did Cred receive start-up funding to continue operations for a known time frame?
We had an initial ICO for our utility token last year in 2018. Michael Arlington is also an investor and avid supporter of CRED.
Hope that helps and let me know if you have any follow up questions. Thanks, Mkike"
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