Share this article
Bankrupt Crypto Lending Platform Cred Had UK Fugitive in Charge of Funds
James Alexander was employed as the CCO of Cred, a crypto lender that filed for bankruptcy in November.
Updated Sep 14, 2021, 12:23 p.m. Published Mar 10, 2021, 11:06 a.m.
Cred, a cryptocurrency platform being investigated by the bankruptcy court in Delaware, had a U.K. fugitive as its chief capital officer (CCO).
STORY CONTINUES BELOW
James Alexander was employed as the CCO of Cred, the crypto lender that filed for bankruptcy in November with liabilities of between $100 million and $500 million.
Alexander had been convicted of crimes relating to illegal money transfers in the U.K. in December 2007 and sentenced to over three years in prison.
According to the court examiner's report filed Monday (see below), there was a prison break at the facility where Alexander was incarcerated and he was identified by the U.K. government as a fugitive.
The examination describes Alexander's "participation/involvement in poor decision-making" as a "recurring theme," and "an important figure in the story of Cred’s demise."
See also: Crypto Crime Siphoned Off Nearly $10.5B in 2020: Research
Alexander is said to have had "free reign" to choose how capital was raised and deployed, with scant oversight from Cred's board.
Cred's troubles started in March 2020 when the price of bitcoin crashed to around $3,500, against which the company's hedged positions were not insulated, the examiner said.
When CEO Dan Schatt became concerned about how his CCO had arranged Cred's finances, Alexander allegedly transferred over $2.3 million in U.S. dollars and bitcoin to his personal accounts.
See the full report below:
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
U.S. Senate's Warren asks for Trump-tied crypto probe as market structure bill drags
The influential Democrat is the most vocal critic of the crypto legislation, and she continues to throw rhetorical sand in the gears of the negotiation.
What to know:
- U.S. Senator Elizabeth Warren, the ranking Democrat on the Senate Banking Committee, is calling for a probe into DeFi platforms, especially on their relationship with the business interests of President Donald Trump.
- Warren's pushback comes as the Senate is still negotiating the details of a crypto market structure bill, a process that's now drifted into January.
Top Stories
