Yield App, a crypto investment platform based in Seychelles, announced on June 28 that it is ceasing all operations immediately.
In an official statement, the company explained that the decision was made to ensure fair treatment for all its users and stakeholders.
“This decision comes after realizing portfolio losses from third-party hedge fund managers who held Yield App assets on the now-collapsed FTX exchange and are currently involved in ongoing litigation,” the statement read.
Despite previous assurances that the platform would not be significantly impacted by the FTX collapse, Yield App has decided to shut down its services, citing these losses as the primary reason.
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