Crypto Investment Firm Midas Shutting Down Platform Following Losses

The collapse of Celsius and FTX led to more than 60% of Midas’ assets under management being withdrawn.

Midas Investments, an investment firm that focused on DeFi yields, is shutting down its platform following significant losses experienced in 2022, according to a blog post from CEO and founder Iakov “Trevor” Levin.

Levin wrote that this past spring, the Midas DeFi portfolio lost $50 million, or 20% of its $250 million in assets under management (AUM), and that after the collapse of Celsius and FTX, its platform experienced over 60% of AUM being withdrawn.

https://www.coindesk.com/business/2022/12/27/crypto-investment-firm-midas-shutting-down-platform-following-losses/