Midas Investments The Latest Victim Of FTX Turmoil Is DeFi Yields Platform Company
Iakov “Trevor” Levin, the CEO of Midas Investments, posted a blog on Tuesday announcing the company’s abrupt closure. The platform concentrating on DeFi yields is closing its doors for the last time due to severe losses in 2022.
According to Levin, in the spring of 2022, the platform’s DeFi portfolio lost 20% of its assets under management (AUM). a success worth $50 million. After FTX and Celcius failed, consumers withdrew more than 60% of AUM, creating a significant asset deficit, which worsened the issue. We have made the tough decision to terminate the platform based on those events and the “current CeFi market conditions,” he added.
Source
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