Crypto Investment Firm Midas Is Shutting Down

CEO Levin said that this past spring, the Midas DeFi portfolio lost $50 million. It comes out to be 20% of its $250 million assets under management (AUM).  Even though, after the collapse of Celsius and FTX, its platform experienced over 60% of AUM being withdrawn. He said:

“Based on this situation and current CeFi market conditions, we have reached the difficult decision to close the platform,”

Reports claim that the company is now aiming to focus on a new project. It will align with our vision for centralized decentralized finance (CeDeFi), according to Levin. In addition to this, the crypto company Midas disabled deposits and swaps together with withdrawals for some time to make cautions and balance adjustments. It has been revealed that the company is targeting to deduct 55% from user balances held in bitcoin, ether, and stablecoins, with the adjustment to be compensated for in MIDAS tokens. They aim to swap them for tokens for their new project. Levin further stated:

“The goal of the new project is to create a win-win situation by connecting competing protocols with liquidity and offering a simplified yield to a range of DeFi and CeFi audiences,”

There had been no official words regarding the timeline of the closure yet. However, we hope to see a new good project as claimed by the company after Midas shuts down its platform. Stay tuned for more updates.

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