Crypto investment firm Midas is shutting down its DeFi platform after suffering irrevocable losses in the Terra, Celsius, and FTX crashes.
$63M Deficit Forces Midas Shutdown
In the aftermath of the heavy losses incurred in the series of crashes in the industry this year, Midas Investments is closing down its DeFi-based yields platform. The news broke when Midas CEO and founder Iakov “Trevor” Levin wrote and published a blog announcing the news on Tuesday, claiming a deficit of $63 million.
Levin wrote,
“I’m Trevor, the CEO of Midas Investments, and I am writing to you today with a heavy heart to announce that the Midas platform is closing down. Based on this situation and current CeFi market conditions, we have reached the difficult decision to close the platform.”
The blog also detailed the heavy losses suffered by the platform in 2022, as Levin claimed that the Midas platform suffered a cumulative loss of $50 million. According to the founder, the platform needs to be
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