On June 28, Seychelles-based crypto investment platform Yield App announced that it has ceased all operations. The company stated that this decision was taken to ensure fair and equal treatment for Yield App users and stakeholders. Yield App cited significant portfolio losses due to third-party hedge fund managers holding assets on now-bankrupt cryptocurrency exchange FTX. Despite suspending its community channels, Yield App has assured that users can access a support channel via its official website. CEO Tim Frost stated that the company filed a lawsuit against several hedge funds that were responsible for large losses on assets in FTX. FTX's collapse led to a slew of asset sales and deals. In 2024, FTX planned to sell its 8% stake in AI firm Anthropic, its European arm for $33 million, and Digital Custody for $500,000, as part of bankruptcy proceedings aimed at liquidating its assets.