Upheaval at the Ethereum Foundation has some of crypto’s biggest names feeling bullish
In this week's edition of The Protocol Newsletter, we're looking at Ethereum's eventful week that started off with the launch of EthLabs, plus the layoffs at the Ethereum Foundation, and what this all means for the network.
7:48 PM
Positive
Kalshi targets a massive $40 billion valuation, widening lead over rival Polymarket
The prediction market operator, which is eyeing a potential public debut in 2027, could close a new funding round in Q3, according to a Financial Times report.
5:18 PM
Binance withdraws Greek MiCA bid but vows to remain in Europe
The crypto giant must find a home base in the EU by July 1 or regulators will force the company to shut down operations for millions of regional users.
4:01 PM
Negative
BTC0.00%
Bitcoin falls below $60,000 as AI trade continues to draw investor interest and capital
South Korean memory chip giant on Wednesday filed to raise nearly $30 billion in a U.S. offering.
4:00 PM
BTC0.00%
Crypto Long & Short: Infrastructure is the prevailing currency in digital assets
In this week's Crypto Long & Short, Nonco’s Caue Teixeira makes the case that regardless of which coin ultimately wins, infrastructure is the prevailing currency in digital assets. Then, using CoinDesk's liquidation feed, Liquibit Capital's Alen Pavlović finds that June's forced selling peaked near $68,000, days before bitcoin actually bottomed.
3:45 PM
Negative
SecondFi loses $2.4 million in Cardano wallet exploit
SecondFi was hit by three separate attacks exploiting a flaw in its wallet generation software. A further 129 million ADA was secured by the team before attackers could reach it.
3:42 PM
Negative
Trump's refusal to sign housing bill could delay Congress and imperil Clarity Act
As Congress prepared to celebrate the president's signing of the bipartisan housing bill that contains a CBDC prohibition, Trump abruptly cancelled the event.
3:23 PM
Neutral
Ex-FCA policy insider explains the ‘great divide’ in the UK’s crypto ambition
Former FCA policymaker and Hedera Global Policy VP, Isadora Arredondo says there is a gap between the U.K.'s crypto ambitions and how policy is carried out in practice.
2:47 PM
Negative
Bitcoin just broke below the floor of its famous Rainbow Chart into the ‘BTC is dead’ zone
A 50% drop from recent highs has pushed the asset into a zone historically labeled as a dead end, sparking a debate among crypto analysts.
1:48 PM
Negative
Gold, silver and bitcoin tumble as 'debasement' trade unwinds
Precious metals have fallen sharply from their 2025 highs as markets price in Fed rate hikes.
1:42 PM
Negative
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Bitcoin could fall to $55,000 before finding a bottom, 10x Research says
A strengthening U.S. dollar and the Fed's hawkish turn under new chair Kevin Warsh may keep pressure on crypto through the summer.
1:19 PM
Positive
CoinDesk 20 performance update: Aave (AAVE) gains 5.9% as index moves higher
Internet Computer (ICP), up 2% from Tuesday, joined Aave (AAVE) as a top performer.
1:00 PM
CZ, Binance founder, wants to clear up 'misunderstandings' about who he is
The former CEO of the world's largest crypto exchange is seeking to redefine himself to the world on his own terms.
12:48 PM
Positive
BTC0.00%
+2 Assets
Aave could soar to $3,500 by 2030 on DeFi revival, says StanChart
Geoff Kendrick said Aave has moved past April's cyberattack-related market disruption and is well positioned to benefit from growth in tokenized assets and DeFi.
11:36 AM
Positive
BTC0.00%
+1 Asset
This forgotten coin could surprise everyone before its next halving
Your day-ahead look for June 24, 2026
11:04 AM
Negative
BTC0.00%
+6 Assets
Bitcoin clings to $62,500 as bears tighten grip on crypto market
Bitcoin held above $62,500 and ether near $1,665, but sluggish price action and widening put skews signal bears remain firmly in control.
10:47 AM
Positive
YZi Labs ends proxy war with BNB treasury company CEA Industries
Partner Alex Odagiu will serve as an interim president, pending a search for a new chief executive, while head of YZi Labs Ella Zhang and Matthew Roszak also appointed directors of CEA.
10:38 AM
Positive
Cboe revives S&P 500 binary options, chasing a market popularized by Polymarket, Kalshi
One of the largest U.S. derivatives exchanges is bringing back yes/no bets on the S&P 500 after pulling them a decade ago, moving onto turf that Polymarket and Kalshi turned into one of the internet's fastest-growing corners.
9:47 AM
Positive
The Runes revival: Bitcoin traffic hits a two-year high as transactions blast past 820,000
A surge in Rune protocol activity is pushing Bitcoin transaction counts and fee generation to multi year highs.
[PRESS RELEASE – Dubai, United Arab Emirates, April 24th, 2024
Me3, a prediction platform that integrates digital asset ownership with live events, Web 2.5 gaming & eSports interaction, announces its private sale on the Yield App Angel Launchpad. Yield App, a well-known crypto platform that bridges the gap between traditional finance and the innovative world of Web3, making crypto accessible and rewarding for everyone, teams up with Me3 for an opportunity to revolutionise the way fans interact with their favourite events.
Key highlights:
Stake to Win Rewards: Unlock exclusive rewards and incentives with Me3’s ‘Stake to Win’ feature, incentivizing active participation and fostering a vibrant and rewarding ecosystem for all stakeholders. Flexible Staking and Prediction Pools: Users can engage in prediction pools with flexible staking options, allowing them to amplify their participation and earn rewards for their insights into various events and outcomes. Yield Battle Feature: Me3 introduces the innovative ‘Yield Battle’ feature, enabling users to potentially earn yields while blending decentralized finance (DeFi) with the excitement of competitive gaming, further enhancing their earning potential and entertainment experience. Staking Rewards and Fee Discounts: $ME3 token holders stand to benefit from staking rewards and fee discounts, aligning their interests with the long-term success of the platform. Support from Established VCs and KOLs: With investments from renowned venture capital firms such as Kakao Games (BORA Ecosystem Fund), Outlier Ventures, Master Ventures, Maven Capital, Tokocrypto (acquired by Binance), and more, with support from major KOLs like Jett Chang, Brian D Evans, Mario Nawful, and many others. Successful Offering on Top Launchpads: Having previously completed successful offerings on top launchpads such as Trustswap & Ferrum DAO, Me3 is primed for further growth and success in the digital asset space. “At Me3, we are leading a revolution in the Web3 space by launching innovative products that reinvent the relationship between digital assets and esports. We increase user engagement by combining competitive predictions with the strategic depth of yield-based markets and fan-driven activities through unique features like Hype Pool, Yield Battle, and FANatic. Furthermore, we are growing our reach through strategic alliances with leading Web 2.5 platforms and Asean gaming communities.” said Matthew Ainscow, Founder of Me3.
Launch on Yield App
Me3 through Yield Apps launchpad is offering a private sale to it’s users of up to $400,000 at a token sale price of @ 0.007 per ME3 token at a $7 million fully diluted valuation (FDV).
Tokenomics
$ME3 represents the wide range of features that it brings to the ecosystem. $ME3 token users can engage with Prediction Pools, enjoy safe and transparent transactions, enjoy staking incentives (with up to 50% of platform fees flowing back to them), enjoy fee discounts, and a lot more.
About Me3
Introducing Me3, a pioneering platform that integrates Live Events, Gaming, Sports, and Esports engagement with the dynamic world of digital asset owners.
About Yield.app
Introducing Yield.app, The next generation of personal finance. Built with the user in mind, Yield App offers all the tools needed to grow the user’s crypto portfolio
More details about Yield App can be found on Yield App’s website and Twitter.
For in-depth information can be found here on Yield App’s launchpad sale.
About the author
Chainwire is a specialized crypto newswire service providing high-impact distribution for the cryptocurrency and blockchain industry.
Backed by AGE Crypto and Alphabit, crypto wealth management platform Yield App has announced its shutdown following losses linked to the collapse of FTX.
Yield App appears to be the latest crypto firm to fall victim to the fallout from the FTX collapse, announcing in a Jun. 28 post on X the closure of “all activity” as it “prepares to enter liquidation proceedings.”
Suspension of platform activity ahead of liquidation proceedings
28 JUNE 2024, 04:15 UTC: Yield App Ltd, a Seychelles-incorporated limited liability company, is today, Friday 28 June 2024, announcing the suspension of all activity on the digital wealth platform…
— Yield App (@YieldApp) June 28, 2024 Founded in 2020 by Tim Frost, Justin Wright, Jan Strandberg, and Jason Corbett, Yield App marketed itself as a “one-stop crypto wealth platform where you can earn interest, buy, and swap between your cryptocurrency assets.” Now, the firm is trying to get its funds stuck on the FTX crypto exchange.
“Yield App asks for the patience of its valued customers as it works with its advisors, with whom it jointly commits to releasing further information, including detailed FAQs, at the earliest possible date.”
Yield App
In the X post, Yield App attributed the decision to “portfolio losses incurred through third-party hedge fund managers that held Yield App assets in custody on the collapsed cryptocurrency exchange FTX, and who are subject to ongoing litigation.”
Although the firm didn’t disclose the name of the hedge fund, earlier reports suggested that Yield App’s funds might be trapped on FTX due to “criminal” mismanagement by Swiss hedge fund Tyr Capital Partners.
Tyr allegedly ignored internal risk limits and investor warnings regarding its exposure to FTX. While Yield App wasn’t a direct client of Tyr, it was a client of TGT, a fund whose directors included Yield App co-founders Wright and Corbett, which had invested with Tyr on Yield App’s behalf.
FTX collapsed in November 2022 amid allegations of embezzlement and misappropriation of billions of dollars in customer funds involving its owners and affiliated hedge fund Alameda Research. Sam Bankman-Fried, the founder of the exchange, was sentenced to 25 years in prison and ordered to reimburse $11 billion.
The downfall of FTX continues to leave its mark on the crypto industry, with Yield App being the latest casualty. The crypto investment platform announced its decision to shut down operations, citing significant losses tied to the collapse of the exchange.
In a statement released on June 28, the Seychelles-based company disclosed that the financial turmoil caused by FTX’s implosion had severely impacted its liquidity and overall business operations.
As a result, the firm is suspending all activities on the platform as it prepares to enter liquidation proceedings with immediate effect. The company stated that this step was necessary to ensure fair and equal treatment for all its users and stakeholders.
Losses Tied to FTX Collapse The company said it arrived at this decision after suffering significant losses resulting from third-party hedge fund managers who held Yield App assets in custody on the collapsed exchange FTX.
“This follows the realization of portfolio losses incurred through third-party hedge fund managers that held Yield App assets in custody on the collapsed cryptocurrency exchange FTX, and who are subject to ongoing litigation,” said Yield App.
The firm said its community channels on Discord and other social media platforms will no longer be accessible to users. However, Yield App said it will leave a support channel open for those that wish to reach out to the firm through its official website.
Transparency Concerns The latest developments come as a surprise, as the company had initially told users in November 2022 that it had minimal exposure to FTX. At the time, Yield App’s Tim Frost assured customers that their funds were safe and that the firm had “no significant exposure to FTX”.
The contractual statement now raises concerns about the company’s transparency and its treatment of customers concerning their exposure limit to FTX. Despite these concerns, Yield App is not alone in feeling the aftershocks of FTX’s collapse.
Impact of FTX Collapse on Crypto Firms FTX officially went bankrupt in November 2022, along with its associated entities, due to poor management and misappropriation of customer funds. However, the ripple effects continue to impact other companies.
Earlier this year, OPNX, a crypto exchange for trading bankruptcy claims launched by the founders of Three Arrows Capital (3AC), also wound up its operations as FTX’s bankruptcy proceedings reached their final stages. Although OPNX was not directly affected by FTX, its parent company 3AC suffered a massive liquidity crisis during the 2022 bear market caused by the exchange and Terra blockchain collapse.
Last year, Galois Capital, a hedge fund founded by Kevin Zhou, shut down its flagship fund due to significant exposure to FTX. The company announced that it lost nearly half of the fund’s capital when FTX collapsed.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
FTX (FTT) News, Cryptocurrency News, News
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
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 today, Friday 28 June 2024, announcing the suspension of all activity on the digital wealth platform…
— Yield App (@YieldApp) June 28, 2024 Yield noted its community channels will shut while a support channel remains open on its app. Read more: FTX chasing $5M spent on ‘right-wing’ conference venue
Despite this liquidation announcement that claims it involves “the suspension of all activity,” the Angel Launchpad operated by Yield still lists a project meant to launch next week.
Yield is a Seychelles-incorporated firm that offers various crypto trading activities. Its post today may be referring to hedge fund management firm Geneva-based Tyr Capital Partners, which was sued in February 2024 by TGT, a fund that invested with Tyr, for allegedly ignoring internal risk limits and investor warnings regarding FTX.
The Financial Times reports that TGT is trying to recover $22 million from Tyr that was lost to FTX.
FTX, under the leadership of Sam Bankman-Fried, filed for bankruptcy almost two years ago on November 11, 2022. FTX reportedly claims it will have $16.3 billion — after selling its remaining assets — to pay its debts of roughly $11 billion. Both FTX US and Yield were previously audited by Armamino LLP, which no longer offers auditing services.
As part of this asset recovery, FTX is chasing $5 million from a former hotel that hosted various right-wing fringe groups. Recovery plans have also been put in place for FTX creditors which stretch the semantics of a ‘full recovery,’ prompting one group to sue the collapsed exchange.
One firm that was successful in recouping its FTX losses was European investment firm CoinShares which managed to sell its $33.6 million FTX claim to a mystery buyer.
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Yield App, a crypto investment platform, announced that it will immediately stop all its activities, citing FTX losses.
28.06.2024 - 15:52
Update: 28.06.2024 - 15:52
Yield App, a crypto investment platform based in Seychelles, announced today that it will cease all operations immediately.
Crypto Platform Yield App Closed Citing FTX Losses The decision follows portfolio losses linked to the collapsed cryptocurrency exchange FTX, despite previous assurances that it would not have a significant impact.
In the official statement made by Yield App, it was emphasized that the decision was taken “to ensure fair and equal treatment for all users and stakeholders of Yield App.”
The announcement revealed that Yield App had suffered portfolio losses through third-party hedge fund managers who kept Yield App assets under custody on FTX. These assets are currently the subject of ongoing litigation.
In response to the closure, Yield App suspended its community channels, but a support channel remained open through its official website.
Yield App's closure raises questions about the company's transparency regarding its exposure to the FTX crash.
In a Discord message dated November 10, 2022, Yield App's Tim Frost assured users that the firm “does not have significant exposure to FTX.” This latest development contradicts previous assurances.
A source who wished to remain anonymous expressed confusion about the situation, saying: “This whole thing makes no sense. I think it's very strange that they were influenced by FTX even though they made an official statement two years ago.”
*This is not investment advice.
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Yield App, a crypto trading platform based in Seychelles, will shut down immediately, citing exposure to FTX.
The FTX contagion in 2022 remains a thorn in the flesh of the crypto community. The impact of the implosion remains visible even months after the sentencing of its founder, Sam-Bankman Fried (SBF).
Yield App Shuts Down After Hiding Exposure to FTXIn the announcement, the firm said it had suspended all activity on its trading platform as liquidation proceedings commence. Along with the termination of activities, the firm has taken down its community channels but left the support channel open for further information.
“With immediate effect, all activity on Yield App will be halted as Yield App consults with liquidators. This decision has been made to ensure fair and equal treatment for all Yield App’s users and stakeholders,” read the announcement.
Yield App attributed the shutdown to the collapse of FTX, citing exposure. Specifically, Yield App highlighted “portfolio losses incurred through third-party hedge fund managers that held Yield App assets in custody” on the failed cryptocurrency exchange.
While this is understandable, it is surprising, given the firm’s previous reassurance that it did not suffer significant exposure to FTX. Tim Frost, the firm’s CEO, shared the message on Discord on November 10, 2022, a day before FTX filed for Chapter 11 bankruptcy and SBF’s resignation.
The twist shows that the reassurance was false, a made-up story intended to assuage customers. Therefore, the Yield App’s transparency regarding its exposure to the FTX collapse is now in doubt. Lou, founder and CEO of protocol builder XBorg, said lack of transparency is a threat to innovation.
“Greed in the crypto industry is stifling innovation. The pursuit of unsustainable high yields and quick profits is overshadowing long-term advancements,” Lou wrote.
It remains unknown how the litigation will bode for retail investors as liquidation proceedings continue. The firm is trying to release its funds stuck on the now-collapsed FTX crypto exchange.
Yield App halts operations due to FTX losses, despite earlier assurances of minimal impact.
Yield App Ltd, a Seychelles-incorporated crypto investment platform, has announced the immediate suspension of all operations on its digital wealth platform, yield.app.
This move comes as the company prepares to enter liquidation proceedings and aims to ensure fair and equal treatment for all users and stakeholders.
Yield App Stops Operations The decision, effective today, was shared in an official statement through a post on X. “Yield App Ltd, a Seychelles-incorporated limited liability company, is today, Friday, 28 June 2024, announcing the suspension of all activity on the digital wealth platform http://yield.app as the company prepares to enter liquidation proceedings,” said the statement.
Suspension of platform activity ahead of liquidation proceedings
28 JUNE 2024, 04:15 UTC: Yield App Ltd, a Seychelles-incorporated limited liability company, is today, Friday 28 June 2024, announcing the suspension of all activity on the digital wealth platform…
— Yield App (@YieldApp) June 28, 2024
The suspension follows significant portfolio losses incurred through third-party hedge fund managers who had custody of Yield App assets on the now bankrupt cryptocurrency exchange FTX. These hedge funds are also involved in ongoing litigation.
Effective immediately, all activities on Yield App’s platform will stop as the company consults with liquidators. Community channels will also be suspended, although a support channel will remain accessible through the yield app to assist users during this transitional period.
Yield App has requested patience from its customers, assuring them that further information, including detailed FAQs, will be provided as soon as possible.
You may also like: FTT Skyrockets as SBF Seeks Presidential Pardon While Serving 25-Year Sentence: Report Donald Trump Says No Pardon Issuance to FTX’s Sam Bankman-Fried The announcement got mixed reactions from the crypto community. One user expressed disbelief, saying, “I can’t believe it. I thought you would survive the bear market and make a strong comeback. Why give up now when the bull market is only halfway through?”
Another commented, “I’m glad I withdrew my bitcoin a few months ago.” Overall, the sentiment was one of shock, with many X users simply asking, “What?” Another user remarked, “What’s going on? This must be a joke.”
Yield App’s Transparency Questioned The announcement has raised concerns regarding Yield App’s transparency, particularly in light of previous reassurances about its exposure to FTX.
In a Discord message dated November 10, 2022, Yield App CEO Tim Frost assured users that the firm had “no significant exposure to FTX.” This statement has come under scrutiny following today’s revelations.
The liquidation of Yield App’s assets occurs amidst a broader context of FTX’s bankruptcy proceedings. The failed exchange has been actively liquidating assets to settle its disputes. In 2024 alone, FTX sold 8% of its stake in the AI firm Anthropic, offloaded its European arm for $33 million, and planned the sale of Digital Custody for $500,000.
The collapse of FTX has had severe repercussions for several firms. Last year, Galois Capital, a hedge fund founded by Kevin Zhou, closed its flagship fund due to substantial exposure to FTX. The fund lost nearly half of its capital when FTX collapsed.
The GalaxyOne platform allows users to earn yield on cash deposits and trade both crypto and traditional equities.The launch positions Galaxy Digital as a competitor to Robinhood and Coinbase in the U.S. retail investing market.GLXY shares were higher by 8% in premarket action.Shares of Galaxy Digital rose 8% in premarket trading Monday as the company rolled out GalaxyOne, a mobile and web platform built to give retail investors access to a blend of cash, crypto, and equity investing tools, with yield at the core.
The app gives users access to FDIC-insured high-yield cash accounts, crypto trading, and U.S. equities and exchange-traded funds (ETFs), the company announced in a press release. Galaxy says it’s offering 4% annual returns on regular cash deposits and up to 8% for accredited investors through its Galaxy Premium Yield product. Both rates are powered by the company’s institutional lending business, which manages a loan book of more than $1.1 billion.
Beyond passive yield, GalaxyOne users can trade across digital assets like bitcoin BTC$60,851.52, ether (ETH) and solana (SOL), as well as stocks listed on major U.S. exchanges. Galaxy also offers automated reinvestment of earnings into crypto or cash, aiming to simplify compounding returns, the company said.
The launch puts Galaxy in direct competition with Robinhood (HOOD) and Coinbase (COIN), two of the dominant players among digital-first retail traders in the U.S. Both have launched new services this year — including crypto staking, margin trading and retirement accounts — as they try to lock in more users and increase assets held on their platforms.
HOOD and COIN are both trading about 2% higher in pre-market trading alongside a general rise in stock and crypto markets.
Galaxy’s move is notable in part because of its institutional background. The company went public on Nasdaq in May and its stock is up 100% since the listing. Originally built on the infrastructure of Fierce, a fintech platform Galaxy acquired last year, GalaxyOne signals a broader push into consumer finance from a firm historically focused on institutional clients.
Galaxy said more features are on the way, including business accounts, crypto staking and expanded lending products.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Aave is offering a savings account-like app offering over 5% annualized yield, initially available on Apple's App Store.The app allows deposits from bank accounts, debit cards or in stablecoins, with offering balance protection up to $1 million, the protocol said in a blog post.Aave's move is part of a trend in decentralized finance (DeFi) protocols expanding to offer neobank-like services.Aave AAVE$71.43, the largest decentralized crypto lending platform, is rolling out a "savings account"-like consumer yield app, opening waitlist on Apple's App Store first.
With the Aave App, users will be able to earn up to 6.5% annualized yield, higher than money market funds, leveraging Aave's infrastructure lending protocol, and can deposit funds from bank accounts, debit cards or in stablecoins, according to a blog post on Monday. It also offers "balance protection" on deposits up to $1 million.
Aave's move fits into a broader trend of decentralized finance (DeFi) crypto projects branching out to offer neobank-like products directly to consumers. Staking protocol Ether.fi (ETHFI) introduced an Amex-like cash card product and other financial services, while Ethereum layer-2 Mantle recently debuted its neobank app UR offering Swiss bank accounts.
Retail crypto yield platforms, which grew popular in the 2020-21 crypto bull cycle, suffered a big setback following the spectacular blowups of centralized lending platforms such as Celsius and Block.fi in 2022, portending a severe crypto winter.
Aave's expansion comes after acquiring last month San Francisco-based fintech company Stable Finance for developing a consumer savings app. Aave has gathered $70 billion in deposits and boasts 2.5 million in users, the blog post said.
