According to a <a href="https://blog.midas.investments/midas-closure-reasons-and-pivot-to-cedefi/" target="_blank" rel="nofollow noopener">blog article</a> from CEO and owner Iakov "Trevor" Levin, Midas Investments, an investment company that concentrated on <a href="https://www.cryptoknowmics.com/news/hackers-steal-8-million-from-bitkeep-wallets-in-latest-defi-hack">DeFi</a> yields, is closing its platform as a result of large losses sustained in 2022.
<h2>The Drop in the DeFi Portfolio of Midas Investments</h2>
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 <a href="https://www.cryptoknowmics.com/news/bankruptcy-judge-demands-return-of-44m-in-crypto-to-celsius-users">Celsius</a> and <a href="https://www.cryptoknowmics.com/news/philippine-sec-warns-against-illegal-crypto-exchanges-amid-ftx-fall">FTX</a>.

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).
<h2>Suspension of Deposits, Withdrawals, and Swaps</h2>
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 <a href="https://www.cryptoknowmics.com/news/public-bitcoin-mining-firms-stuck-with-4-billion-of-collective-debt">bitcoin</a>, <a href="https://www.cryptoknowmics.com/news/tron-dao-joins-the-enterprise-ethereum-alliance">Ethereum</a>, and <a href="https://www.cryptoknowmics.com/news/japans-fsa-is-considering-lifting-the-ban-on-foreign-issued-stablecoins">stablecoins</a>, 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 <a href="https://www.cryptoknowmics.com/news/gemini-creditor-committee-unveils-plan-to-address-liquidity-problems">liquidity</a> and providing a straightforward payout to a variety of <a href="https://www.cryptoknowmics.com/news/hackers-steal-8-million-from-bitkeep-wallets-in-latest-defi-hack">DeFi</a> and CeFi consumers.

Midas Crypto Investments Closing Down Network Owing Losses

Midas Investments, an investment company that concentrated on DeFi yields, is closing its platform as a result of large losses sustained in 2022.

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Midas Crypto Investments Closing Down Network Owing Losses

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