Custodial CeDeFi investment platform Midas announced its closure due to asset deficit caused by FTX and other events

According to ChainCatcher, Trevor, CEO of the custodial CeDeFi investment platform Midas Investments, announced that the platform will be closed soon. Trevor explained that in the spring of 2022, the Midas DeFi portfolio had accumulated a loss of $50 million (20% of $250 million AUM). After the Celsius and FTX incidents, the platform experienced a withdrawal of more than 60% of its AUM, resulting in 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. (Source link)