As FTX estate is reportedly preparing to offload some $16 billion worth of crypto onto the market as creditors are finally made whole, everyone sort of assumed we were getting ready to put all of that behind us.
But that’s not the case.
Even now, well over a year after the whole saga, began, companies are going bankrupt because of FTX.
Yield App, a crypto firm, has only recently halted operations, citing FTX losses as the main reason why.
The problem is, according to what the CEO told Cointelegraph, is that “third-party hedge fund managers held Yield App assets in FTX.”
“After 18 months of recovery actions, we have been advised to shutter the platform in the best interest of creditors,” the CEO said.
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