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Yield App, a Seychelles-based crypto investment platform, announced it would cease all operations immediately due to portfolio losses linked to FTX exposure. This decision follows previous assurances that the firm had no significant exposure to the collapsed cryptocurrency exchange.
Yield App Shuts Down Amid FTX-Related Losses, Ensuring Fair Treatment for Users and Stakeholders
According to Cointelegraph, on June 28, Yield App, a crypto investment platform incorporated in Seychelles, announced that it would cease all operations on its platform immediately.
"The decision was made to guarantee that all users and stakeholders of Yield App receive fair and equitable treatment," according to an official statement.
“This follows the realization of portfolio losses incurred through third-party hedge fund managers that held Yield App assets in custody on the collapsed cryptocurrency exchange FTX, and who are subject to ongoing litigation.”
Yield App experienced portfolio losses due to third-party hedge fund managers' custody of Yield App assets on FTX, which are "currently the subject of litigation," as per the official statement.
The Yield App's community channels have been suspended; however, the official website will continue to host a public support channel.
Cointelegraph contacted Yield App representatives for additional information; however, they responded after publication.
Yield App's Transparency Questioned After FTX-Related Shutdown Despite Earlier Assurances of Minimal Exposure
Despite the announcement, previous statements from Yield App have questioned the company's transparency regarding its exposure to the FTX collapse.
Yield App Tim Frost assured users in a Discord message dated Nov. 10, 2022, that the crypto investment firm had "no significant exposure to FTX."
A source who preferred to remain anonymous expressed confusion regarding the circumstance, as reported by Cointelegraph:
“This whole thing doesn’t make any sense. I think it’s super weird they got affected by FTX when it’s already two years ago, and they gave an official statement.”
FTX Liquidates Assets Amid Bankruptcy, Divests Stakes and Sells Subsidiaries to Resolve Claims
Multiple claims and assets were sold, and numerous disputes were resolved by the insolvent crypto exchange FTX in 2024.
In February, FTX divested 8% of its stake in Anthropic, sold its European subsidiary for $33 million, and anticipated the sale of Digital Custody for $500,000.
The bankruptcy proceedings of the collapsed crypto exchange include the ongoing asset liquidation efforts.
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