The crypto investment platform Yield App is shutting down its operations, citing losses in the FTX saga. However, the platform’s suspension raises questions about the company’s previous claims that FTX’s collapse in Nov. 2022 did not significantly affect YieldApp.
While announcing the shutdown of operations on the official X account, Yield App blamed hedge fund managers holding the company’s funds in the bankrupt exchange. The crypto investment platform further revealed it noticed an increase in portfolio losses that led to the liquidation process. The crypto firm attributes “fair and equal treatment for all Yield App’s users and stakeholders” to the termination of operations and continues litigation against liable defaulters.
Note that all the community channels have been shut down except the official support, which remains accessible through the yield.app. Soon to become a defunct crypto entity, Yield App LTD requested its valued customers’ patience as it currently works with the advisor to release FAQs and other information ASAP.
Yield App assured funds safety during FTX collapsed
Per an official message published on Nov. 10, 2022, from the founder of Yield App:
All the assets in Yield App portfolios remain safe and secure, and our platform continues to operate as usual […] We can confirm that Yield App has no exposure to Alameda or FTT token and no significant exposure to FTX.
Meanwhile, turning attention toward the bankrupt crypto exchange, FTX, which shook the market at the time of collapse in 2022, has settled many legal cases until now. The troubled exchange sold one-third of its shares in AI startup Anthropic in March. With two dozen buyers participating in the sale, the deal generated $880 million in total.
Likewise, FTX returned its European arm to the previous owner to settle a dispute over the division. He sold the company at $32.7 million, which he purchased for $323 million in 2021.
