60% of Midas assets under management were withdrawn after the collapse of FTX and Celcius.
According to a blog post from CEO and founder Iakov “Trevor” Levin, the defi yield-focused investment firm, Midas Investments, will be shutting down its platform because of the severe losses it is taking. suffer this year.
Levin said that in the first quarters of the year, Midas DeFi’s portfolio lost $50 million, or 20% of its $250 million in assets under management (AUM), and following the crash. dump of Celsius and FTX, the platform has been withdrawn over 60% of AUM. .
“Based on current market conditions and what has happened, we have come to the difficult decision to close the platform,” Levin wrote.
According to Levin, Midas is currently focusing on a new project “in line with the vision” of centralized decentralized finance (CeDeFi).
Starting Tuesday, Midas has disabled deposits, withdrawals and swaps.
The platform goal is to deduct 55% of user balances held in bitcoin, ether, and stablecoins, offset by MIDAS tokens that can be swapped into new project tokens.
“The new project will fulfill its goal of win-win by connecting competing protocols with liquidity and simplified returns to multiple DeFi and CeFi audiences,” Levin wrote .
