Various shocking events from the May Terra ecosystem crash to the bankruptcy of crypto lenders and the collapse of FTX have led to many crypto firms facing issues related to insolvency.
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Midas Close Down Operation Amid Massive Losses
A Defi yield-focused crypto firm Midas Investments has announced that it is shutting down its operations because of losses it has suffered following the collapse of the FTX cryptocurrency exchange.
The move to close operations was disclosed in a blog post by the firm’s CEO and founder lakov “Trevor” Levin on Tuesday, December 27.
According to the post, in the spring of 2022, the investment firm DeFi portfolio suffered a total loss of $50 million which is equivalent to 20% of $250 million Assets Under Management (AUM).
Following the Celsius and FTX debacle, the Midas platform saw more than 60% of AUM being withdrawn from the platform, leading to a large asset deficit. Due to this event, Midas in the post said it has reached the conclusion to closing down operations.
Henceforth, Midas will focus on a new project that aligns with the firm’s vision.
“Despite the damage that was done by this event, this is the only way to move forward for Midas to build something relevant to this new market. We aim to focus on a new project that aligns with our vision for CeDeFi. This project will be fully transparent, on-chain, and built with the goal of offering a new and improved investment experience,” Trevor wrote in the blog post.
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