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Midas investment firm shuts down as the FTX contagion goes on. It has ceased operations on its platform due to huge losses, and this event made the company the latest “victim” of FTX’s sudden collapse, which put Sam Bankman-Fried in jail after his arrest earlier this month.
According to Crypto Slate, Midas announced a $60 million deficit which led to the decision discontinuation of its business operations. Its platform lost about 60% of assets under management (AUM) after FTX crypto company crumbled.
Then again, Midas said it is planning to launch a brand new centralized, decentralized finance (CeDeFi) next year. This project is a merger between centralized and decentralized finance.
As for the shutdown of its platform, Midas will be rebalancing its users' accounts by taking 55% and their rewards earned from it. This action will enable users to withdraw about 45% of their assets so they will not lose their currencies or funds.
The decision to close Midas Investments’ cryptocurrency platform was personally announced by the company’s founder and chief executive officer, Iakov 'Trevor' Levin. He shared that Midas had $250 million in assets in May, but the disintegration of the crypto market set off by the failure of Terra’s UST stablecoin led to the company’s $50 million loss.
The situation worsened when in November, FTX crypto exchange suddenly filed for bankruptcy. On top of this, Celsius crypto lender, which is one of its customers, has also defaulted. These events led to the withdrawal of over 60% AuM on Midas’ platform.
“I am writing to you today with a heavy heart to announce that the Midas platform is closing down,” Levin stated in a blog post earlier this week. “Based on this situation and current CeFi market conditions, we have reached the difficult decision to close the platform. I want to apologize to all of the Midas holders who have been affected by this situation.”
The Midas chief further said, 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. I promise to do my best to create a new project that is free from the fixed yield model and is based on reality and transactional business so that you can benefit from our intellectual work during the next bullish cycle.”
Photo by: Art Rachen/Unsplash
