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IPFS News Link • Corruption

Midas Investments shuts down, taking over 55% of customers' funds

• KITCO

This morning, Midas' CEO shut down his own AMA with customers after less than half an hour.

"I am writing to you today with a heavy heart to announce that the Midas platform is closing down," wrote Iakov Levin, CEO of Midas Investments, who also goes by 'Trevor,' in a Dec. 27 blog post.

Levin said that in the spring of 2022, the advent of the crypto winter saw Midas' DeFi portfolio lose $50 million of its $250 million market value, or 20%. Then, following the bankruptcy of Celsius on Jul. 13 and FTX on Nov. 11, "the platform experienced over 60% of AUM being withdrawn, creating a large asset deficit" of $63.3 million, based on assets of $51.7 million against liabilities of $115 million in BTC, ETH and stablecoins.