CryptoIntelligence 2024-06-30 19:11:00

Yield App Halts Operations Amid Portfolio Losses Linked to FTX Collapse

Yield App Halts Operations Amid Portfolio Losses Linked to FTX Collapse

On June 28, Yield App, a Seychelles-based crypto investment platform, announced the immediate cessation of all its operations. This decision, as stated by the company, “had been made to ensure fair and equal treatment for all Yield App’s users and stakeholders.” The company cited significant portfolio losses due to third-party hedge fund managers who held Yield App’s assets on the now-defunct cryptocurrency exchange FTX, which is currently embroiled in litigation. Despite suspending community channels, Yield App assured users that a support channel would remain accessible through its official website. CEO Tim Frost informed Cointelegraph that the company has been “pursuing

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