Investment Firm Midas Investments to Shut Down as FTX and Other Events Cause Asset Deficit

Trevor, CEO of Midas Investments, an investment firm focused on DeFi yields, announced that the platform is about to shut down. Trevor explained that in the spring of 2022, the Midas DeFi portfolio had a cumulative loss of $50 million (20% of the $250 million AUM). Following the Celsius and FTX incidents, the platform experienced over 60% of AUM being withdrawn, creating a huge asset deficit. Based on these circumstances and the current CeFi market conditions, Midas made the decision to close the platform. Trevor stated that MIDAS tokens will be given as compensation based on the price on the announcement date (December 27, 2022), and MIDAS tokens will be exchanged for tokens of the new project. Its new project aims to provide simplified yields to a range of DeFi and CeFi audiences by connecting competing protocols with liquidity, the first product of which will be a transparent on-chain treasury.