Yield App, a crypto investment platform based in Seychelles, has announced the immediate suspension of all its operations. The decision was made to ensure fairness and equality for all users and stakeholders of Yield App, according to an official statement. The platform has experienced portfolio losses due to third-party hedge fund managers holding its assets on FTX, which are currently involved in ongoing legal proceedings. While community channels have been suspended, a support channel will remain open on Yield App’s official website. CEO Tim Frost revealed that the company has been pursuing litigation against several hedge funds that have incurred significant losses on assets held in custody on FTX. However, previous statements from Yield App, such as one made in November 2022, have raised doubts about the company’s transparency regarding its exposure to the FTX collapse. In that statement, Frost assured users that the firm had no significant exposure to FTX. The bankrupt crypto exchange FTX has been conducting a series of sales of claims and assets as part of its bankruptcy proceedings. In February alone, FTX sold 8% of its stake in AI firm Anthropic, sold its European arm for $33 million, and planned the sale of Digital Custody for $500,000.
Yield App a crypto platform closes down due to FTXrelated losses