Another Crypto App Shuts Down After FTX-Related Losses

Yield App, a crypto investment platform registered in Seychelles, announced on June 28 that it would cease all operations immediately.

The decision aims to ensure fair treatment for all users and stakeholders, following significant portfolio losses incurred through third-party hedge fund managers holding Yield App assets on the now-defunct cryptocurrency exchange FTX, which are currently the subject of legal actions.

CEO Tim Frost stated that Yield App has been actively pursuing litigation against these hedge funds over substantial losses incurred on assets held on FTX.

Despite ongoing legal efforts over the past 18 months, the decision to suspend operations was deemed necessary to prioritize the interests of creditors, with administrators continuing to pursue claims.

While community channels have been suspended, a support channel remains accessible via Yield App’s official website for public inquiries.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.