🚨 #Yield App declares bankruptcy due to #FTX

📉 Yield App, a platform that offered investments in decentralized finance (#DeFi ), suddenly announced the suspension of all its activities and entered into liquidation proceedings.

💎 According to Yield App, this situation mainly results from losses linked to hedge funds linked to the bankruptcy of FTX in 2022. On X, Yield App explains that this decision was taken “to guarantee fair and equitable treatment for all users and stakeholders of Yield App”.

💎 According to information provided by Yield App, these fund managers are already the subject of several legal proceedings. The platform assures that it will communicate more information as soon as possible and asks users to be patient.

🔶 According to information obtained by our colleagues at The Big #Whale , more than 300 million dollars are currently frozen on the Yield App platform and this situation affects more than 100,000 customers who are unable to withdraw their funds .

🔶 Faced with this alarming situation, several Yield App customers expressed their frustrations and concerns on social networks. They claim they cannot access their money, despite multiple withdrawal attempts.

🚨 A situation that raises several questions.

🥲 This massive blocking of funds raises many questions about the financial health of Yield App and the management of its customers' funds. The authorities have been informed and an investigation is underway to determine the causes of this bankruptcy and to protect the interests of users.