🚨Breaking News!🚨 Yield App Ltd, a Seychelles-based crypto investment platform, has hit the pause button on all operations on its digital wealth platform, yield.app. 😱 The decision comes as the company gears up to enter liquidation proceedings.

This shocking news follows significant portfolio losses through third-party hedge fund managers who had custody of Yield App assets on the now bankrupt cryptocurrency exchange FTX. These hedge funds are also tangled up in ongoing litigation.

Effective immediately, all activities on Yield App’s platform will cease as the company liaises with liquidators. 🚫 The company has asked for patience from its customers, promising to provide further information, including detailed FAQs, as soon as possible.

The crypto community has reacted with a mix of disbelief and shock. One user lamented, “I can’t believe it. I thought you would survive the bear market and make a strong comeback. Why give up now when the bull market is only halfway through?” 😔

The announcement has also sparked concerns about Yield App’s transparency, especially considering previous assurances about its exposure to FTX. The company's CEO had previously assured users that the firm had “no significant exposure to FTX.” This statement is now being questioned.

The liquidation of Yield App’s assets happens amidst FTX’s bankruptcy proceedings. The failed exchange has been actively liquidating assets to settle its disputes. The collapse of FTX has had severe repercussions for several firms.

Stay tuned for more updates on this developing story! 📰🔍