🔔Cryptocurrency asset management platform Yield App, backed by AGE Crypto and Alphabit, announced its closure after losses associated with the collapse of FTX.

📉Yield App became the latest crypto firm to suffer the fallout from the collapse of FTX, announcing on June 28 that it would cease “all activities” and prepare for liquidation proceedings.

👥Founded in 2020, Yield App positioned itself as “a universal crypto platform where you can earn interest, buy and exchange your crypto assets.” Now the company is trying to recover its funds stuck on the FTX exchange.

🔍Yield App's post states that the decision was made due to "portfolio losses incurred through third party hedge fund managers who held Yield App assets in custody on the collapsed FTX cryptocurrency exchange."

📣Discuss the latest news in the comments! What impact do you think the collapse of FTX will have on the crypto industry?