Cryptocurrency investment firm Midas announces closure due to asset deficit caused by events like FTX

ChainCatcher news, Midas Investments CEO Trevor announced that the platform is set to close. Trevor explained that in the spring of 2022, the Midas DeFi portfolio accumulated losses of $50 million (20% of $250 million AUM). Following the Celsius and FTX incidents, the platform experienced over 60% of AUM being withdrawn, resulting in a significant asset deficit. Based on these circumstances and the current CeFi market conditions, Midas made the decision to close the platform.

Trevor stated that compensation will be provided in the form of MIDAS tokens based on the price on the announcement date (December 27, 2022), and the MIDAS tokens will be exchanged for tokens of the new project. (Source link)