Midas Crypto Investments Closing Down Network Owing Losses

The Drop in the DeFi Portfolio of Midas Investments

Levin stated that the Midas DeFi portfolio dropped $50 million, or 20% of its $250 million in assets under management (AUM), this past spring. Furthermore, its network had over 60% of AUM removed after the failure of Celsius and FTX.

Levin stated that the investment firm made the tough choice to terminate the platform based on this circumstance and the existing CeFi economic factors. According to Levin, the business will now concentrate on a new initiative that lines up with the goal of centralized decentralized finance (CeDeFi).

Suspension of Deposits, Withdrawals, and Swaps

In order to implement precautions and account modifications, Midas disabled deposits, swaps, and disbursements commencing on Tuesday. It intends to take 55% off of user holdings in bitcoin, Ethereum, and stablecoins, with the adjustment being made up in MIDAS tokens that may be exchanged for tokens of its new project.

According to Levin, the new effort aims to establish a decisive victory by supplying rival protocols with liquidity and providing a straightforward payout to a variety of DeFi and CeFi consumers.