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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...

Phoenix Wallet , a non-c US todial Bitcoin lightning wallet, has announced that it’s being removed from US -based app stores and encouraged US ers to make sure to empty their wallets.  This decision seems to have been made by ACINQ, the company behind Phoenix Wallet , which stated in a tweet that “recent announcements from US authorities cast a doubt on whether self-c US todial wallet providers, Lightning service providers, or even Lightning nodes could be considered Money Services B US inesses and be regulated as such.”  Recent announcements from US authorities cast a doubt on whether self-custodial wallet providers, Lightning service providers, or even Lightning nodes could be considered Money Services Businesses and be regulated as such. — ACINQ (@acinq_co) April 26, 2024 Read more: What to do if you’ve used Samourai Wallet Recently, the founders of Bitcoin mixing wallet Samourai were indicted in the Southern District of New York under allegation...

The US legal system — a labyrinthine set of definitions that usually requires the best-paid and smartest lawyers to defend against any claim — is being tested by one of the founders of Three Arrows Capital (3AC): Kyle Davies. Davies is suggesting that due to his supposed renunciation of his US citizenship, he can no longer be tried under US laws. It’s a bold — and, historically, unsuccessful strategy — but maybe this time it’ll pan out. The sov cit movement and citizenship renunciation While Davies’ arguments may seem novel, sovereign citizen proclamations are nothing new to the United States or to the cryptocurrency industry. Indeed, many US citizens have attempted to outrun the long arm of the law either by stating that they don’t fall under the jurisdiction of US courts or by renouncing their citizenship altogether. Unfortunately for them, it almost never ends well. Davies states that he’s “not subjecting [himself] to, or accepting the jurisdi...