Midas Investment just went down

I just received this email 5 mins ago. Take a look it doesn’t look good. Trevor says he is pausing all withdrawals for the next couple hours. But i have a feeling we will not be able to withdrawal ever again. Another one bites the dust.

In the spring of 2022, the Midas DeFi portfolio suffered a cumulative loss of 50 million dollars (20% of $250 million AUM). After Celsius and FTX events, the platform experienced over 60% of AUM being withdrawn, creating a large asset deficit. Based on this situation and current CeFi market conditions, we have reached the difficult decision to close the platform.

Despite the damage that was done by this event, this is the only way to move forward for Midas to build something relevant to this new market. We aim to focus on a new project that aligns with our vision for CeDeFi. This project will be fully transparent, on-chain, and built with the goal of offering a new and improved investment experience.

Today we will shut down withdrawals and swaps for two-three hours to balance out assets and liabilities, and then withdrawals will be open with full liquidity presented for each asset.