[ccpw id="5"]


HomeNewsFarewell from Crypto Investment Firm Midas

Farewell from Crypto Investment Firm Midas


crypto investment firm Midas Investmentsannounced that it will close the platform after the losses.

The bankruptcy of FTX affected many companies as its spillover effect increased. In the collapse, which destroyed billions of dollars, affiliate companies also suffered losses. Bankruptcies and trapped assets began to come to the fore one after another. In particular, companies collaborating with FTX have started reporting millions of dollars in losses. One of them was investment firm Midas. The company decided to close after experiencing losses.

Crypto Investment Firm to Shut Down Midas Platform

The collapse of Celsius and FTX caused more than 60 percent of Midas’ assets to evaporate. CEO of the company Iakov “Trevor” LevinMidas Investments, an investment firm focused on DeFi returns, is shutting down its platform after significant losses in 2022, according to a blog post by .

Levin said last spring that the Midas DeFi portfolio had $50 million or $250 million in assets under management ( AUM) lost 20 percent, and that after Celsius and FTX collapsed, his platform had withdrawn more than 60 percent of AUM.

Starting Tuesday, Midas has temporarily disabled deposits and swaps, as well as withdrawals, while making alerts and balance adjustments. Its goal is to cut 55 percent off user balances held in Bitcoin, Ethereum and stablecoins and compensate it with MIDAS tokens that can be exchanged for the tokens of its new project.

Stating that they decided to close the platform based on the liquidity problem and the current CeFi market conditions, Levin said:

“We are focusing on a new project that aligns with our vision for decentralized finance (CeDeFi). The aim of the new project is to create a win-win situation by combining competing protocols with liquidity and offering a simplified return to several DeFi and CeFi audiences.”


Please enter your comment!
Please enter your name here


Arbitrum (ARB) Dropped 12 Percent In The Last 24 Hours!

The price drop in Arbitrum (ARB), which entered the crypto industry like a bomb, attracted attention, selling pressure is increasing.

Today’s Top Rising Altcoins – April 1, 2023

Bitcoin's (BTC) 28.

Bitcoin is in the Risk Zone! April 1 Bitcoin (BTC) Analysis

The selling pressure that came with Bitcoin exceeding $ 29 thousand pushed the crypto investor to indecision, how is BTC progressing?

Today’s Most Depreciating Altcoins – April 1, 2023

After the volatile movements of the crypto market, sharp decreases were also observed in altcoins, we have compiled today's most falling altcoins.

Follow us


Most Popular