{"id":168240,"date":"2024-06-28T17:03:42","date_gmt":"2024-06-28T17:03:42","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=168240"},"modified":"2024-06-28T17:03:46","modified_gmt":"2024-06-28T17:03:46","slug":"yield-app-halts-services-blames-ftx-losses","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/yield-app-halts-services-blames-ftx-losses\/","title":{"rendered":"Yield App Halts Services, Blames FTX Losses"},"content":{"rendered":"
TL;DR<\/p>\n
An unexpected news has surprised Yield App’s<\/strong> users and stakeholders. The cryptocurrency investment<\/a> platform based in Seychelles announced the immediate cessation of all its operations<\/strong>. The decision was made following the admission of substantial losses stemming from its exposure to FTX<\/strong> through third-party fund managers.<\/p>\n Yield App had previously assured its users that deposited funds were safe<\/strong>, even claiming to have insurance to protect investments. However, upon recognizing significant losses managed by hedge funds using FTX as custodian, the platform was compelled to take drastic measures. The company has announced it is in liquidation process and has initiated legal actions against the involved fund managers to attempt recovering part of the lost assets.<\/strong><\/p>\n Suspension of platform activity ahead of liquidation proceedings<\/p>\n 28 JUNE 2024, 04:15 UTC: Yield App Ltd, a Seychelles-incorporated limited liability company, is today, Friday 28 June 2024, announcing the suspension of all activity on the digital wealth platform\u2026<\/p>\n — Yield App (@YieldApp) June 28, 2024<\/a><\/p><\/blockquote>\n\n