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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...

Former Co-CEO of FTX Digital Markets, Ryan Salame, who just got sentenced to 90 months in prison for conspiracy to make unlawful political contributions and defraud the Federal Election Commission, and conspiracy to operate an unlicensed money transmitting business, has returned to X (formerly Twitter) to plead his case to the public — and it sounds like he’s blaming anyone but himself. Shortly after he was sentenced, Salame said, “Hot damn, this is going to get interesting” and “Who should I do the first public interview with? Top vote wins.” He then spent hours replying to trolls, influencers, and former FTX c US tomers, essentially suggesting that there was far more to the FTX /Alameda collapse than met the eye. He didn’t clarify how. Ryan Salame gets longer prison sentence than CZ Read more: ‘Soak my Deck’ captain Sam Trabucco sails in for Ryan Salame Salame needs an interview According to a tweet from Brian Krogsgard, Salame has reached out to Krogsgard to see if he...

Using Web3 and NFTs to create another slate of millionaires isn’t a good use of the technology, says EndeavourXR CEO Amy Peck. The crypto industry should focus on building blockchain-based solutions everybody can benefit from instead of launching cash grabs for brands , says Amy Peck, CEO of tech-focused consulting firm EndeavourXR. Peck told Cointelegraph at the Lisbon Web Summit that Web3 firms should be build-first oriented and create attractive products to draw newcomers . She added using Web3 and nonfungible tokens (NFTs) as “just another money grab from brands ” to create another slate of multi-millionaires “doesn’t seem like a good look” nor a good use of what is an “elegant technology.” “This is an infinite landscape. The money’s going to be there, right? Let’s build a better bread box. We have the opportunity to do something really interesting and reinvent this economic construct, invite more people to the party, not just create another 1%.” Obtaining an on-chain proof of id...

Former Southern District of New York prosecutor Josh Naftali said Caroline Ellison, Gary Wang and Nishad Singh will probably skip time behind bars due to their cooperation with federal attorneys in United States v Sam Bankman-Fried. “it’s the exception, not the rule,” Naftali noted on TechCrunch’s Chain Reaction podcast, referring to witnesses serving time after testifying for the government. In a white collar case, where you’re a first time offender, as a cooperator , it’s pretty typical for the cooperating witness not to do actual jail time Josh Naftali, former prosecutor Naftali’s comments, backed by first-hand experience on the matter, correspond with prosecutor questioning and witness testimony during the criminal trial of FTX founder Sam Bankman-Fried. The three-star witness,  ex-CEO of Alameda Research Caroline Ellison, former FTX and Alameda CTO Gary Wang and Nishad Singh, who was chief developer at both firms, all signed plea deals in exchange for a 5K letter.  This ...

As the crypto -verse continues to recover from the FTX crash that occurred back in Nov. 2022, the CEO of the defunct crypto exchange continues to make headlines. Sam Bankman-Fried submitted pretrial motions seeking the dismissal of a significant portion of the charges brought against him based on various legal justifications. JUST IN: Sam Bankman-Fried asks judge to dismiss all criminal charges against him in FTX fraud case, citing not guilty. — Watcher.Guru (@WatcherGuru) May 9, 2023 Following the downfall of FTX, SBF went on to plead not guilty to 13 counts of fraud and conspiracy. His charges ranged from wire, securities, and commodities fraud allegations to even bribery. While the FTX chief’s trial is scheduled for Oct. 2, 2023, he was seen trying to avoid dealing with a few of these charges. During his pretrial motions, SBF’s lawyers requested the dismissal of charges like conspiring to commit wire fraud against FTX customers, wire fraud against FTX customers,...