XRPL COURT CASES 03-55 : Cred Liquidation Tr. v. Uphold HQ Inc. (In re Cred Inc.) 20-12836 (JTD) (Bankr. D. Del. Apr. 13, 2023)

 


Cred Liquidation Tr. v. Uphold HQ Inc. (In re Cred Inc.)

20-12836 (JTD) (Bankr. D. Del. Apr. 13, 2023)


On March 12, 2020, the Trading Firm notified Cred that all of its BTC futures positions and some of its XRP futures were liquidated as a result of a drastic move in the market overnight. That same day, in an effort to find the funds needed to reinstate its hedge position, Cred requested $10 million in cash from MoKredit as a recall of some of the approximately $38 million principal loan amount that Cred previously extended to MoKredit. MoKredit refused.It later agreed to a repayment schedule but did not follow through on all of the payments.


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