The New York State Attorney General says he has recovered over $5 million in damages from cryptocurrency platform Uphold.

CoinFeed reported on May 3rd that, according to Cointelegraph, New York State Attorney General Letitia James stated that she has recovered over $5 million in damages from cryptocurrency platform Uphold for misleading consumers and promoting fraudulent investment schemes. Between January 2019 and October 2020, Uphold promoted CredEarn to users on its platform and mobile application, claiming it was a safe, reliable savings product with attractive annual interest rates. However, Uphold failed to disclose the actual risks, and at the time, no such insurance existed in the industry to protect retail investors from losses of digital assets. In addition to misleading advertising, Uphold also failed to register as a broker or commodity broker-dealer as required.