Yield App Suspends Operations Due to FTX Collapse

Bittime - Yield App suspended operations after the hedge fund manager faced significant losses related to FTX's bankruptcy. The platform is temporarily stopping all activity, but support channels remain available during the transition. FTX, in its bankruptcy proceedings, is also planning an asset sale to resolve the dispute.

Yield App Suspends Operations Due to FTX Collapse

The suspension comes after a third-party hedge fund, which had custody of Yield App's assets on the now-bankrupt crypto asset exchange FTX, experienced significant portfolio losses. The hedge fund manager is also involved in ongoing litigation.

Yield Ap Stop All Activity on the Platform

As the company consults with liquidators, all activity on the Yield App platform will cease immediately. Community channels will also be suspended, but support channels will remain available to assist users during this transition through the results app.

Yield App has asked its customers to be patient and informed them that additional information, including a comprehensive FAQ, will be provided as soon as possible.

FTX Experiencing Bankruptcy

FTX's bankruptcy process is broader, and the liquidation of Yield App's assets is part of it. The failed exchange has been actively liquidating assets to resolve its disputes. FTX plans to sell Digital Custody for $500,000 in 2024, spin off its European branch for $33 million, and sell its 8% stake in AI company Anthropic.

Conclusion

After FTX's bankruptcy, Yield App faced major problems. Their assets managed by third-party hedge funds experienced huge losses. After speaking with liquidators to rectify the situation, the decision was made to cease all operations on the platform. All activity on the platform, including community channels, is temporarily suspended. However, support channels will remain available to assist users during the transition.

Although FTX itself is in bankruptcy, the liquidation of Yield App's assets is just one aspect of its broader financial problems. FTX plans to sell Digital Custody for $500,000 in 2024, open a branch in Europe for $33 million, and sell its 8% stake in artificial intelligence company Anthropic.

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