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Yield App has announced that it has halted all activity on its crypto investment platform with ‘immediate effect’ after admitting it had lost funds on FTX a year and a half after it collapsed. The company said its assets were held by a series of third-party hedge fund managers that were using FTX as custody. As a result, it says it’s preparing to enter liquidation and is in the process of taking legal action against the managers.  In a statement, Yield said, “This decision has been made to ensure fair and equal treatment for all Yield App’s users and stakeholders.” Previously, Yield had claimed that deposits made on its platform were ‘always safe‘ and even claimed “your funds are insured.” It’s not clear how these issues could endanger deposits that are both always safe and insured. Suspension of platform activity ahead of liquidation proceedings 28 JUNE 2024, 04:15 UTC: Yield App Ltd, a Seychelles-incorporated limited liability company, is toda...

Assets worth about $1 billion belonging to the cryptocurrency hedge fund Three Arrows Capital (3AC) founders were frozen by a British Virgin Islands court. A British Virgin Islands court has frozen about $1 billion in assets owned by the founders of the cryptocurrency hedge fund Three Arrows Capital (3AC), as stated by the firm’s liquidator. The court’s order restricts co-founders Su Zhu and Kyle Davies, and Davies’ wife Kelly Chen, from moving or selling assets valued up to $1.14 billion, with creditors estimated to be owed around $3.3 billion. 3AC, previously one of the biggest crypto-native hedge funds, collapsed in 2022 following a series of unsuccessful investments. “The worldwide freezing order has been sought in connection with claims that are being pursued by the liquidators that allege, among other things, that the founders should be held responsible for causing 3AC’s position to deteriorate by an amount that is equivalent to the value of th...