Crypto lender Midas emerges devastated from this “annus horribilis”

Calling this situation a crypto winter would be tantamount to undermining it considerably. The expression “crypto blizzard” would be more appropriate if we refer to the winter storm that is raging in the United States at the moment. Before closing this horrible year, we inform you that the cryptocurrency investment company Midas had to close its platform.

Midas, farewell to DeFi and heading to CeDeFi

In this story of the collapse of large crypto corporations, “ nobody won CZ replied during a recent verbal brawl with SBF. The American newspaper FoxNews also considers that ” there are no heroes in the Sam Bankman-Fried saga “.

Unfortunately, the lack of heroes in its ecosystem has not helped cryptocurrency lender Midas. According to CoinDesk, Midas Investments would have lost, in the spring of 2022, 50 million dollars. This represents 20% of its assets under management (AUM), which are valued at $250 million. Moreover, the collapse of Celsius and FTX caused Midas investors to withdraw more than 60% of these AUM.

On the company blogfounder and CEO Yakov “Trevor” Levin also wrote that:

Based on this situation and the current CeFi market conditions, we have made the difficult decision to shut down the platform. »

Announcement of the closure of Midas on Twitter

For Levin, the time has come to develop a project based on centralized decentralized finance (CeDeFi).

These Crypto Winter Catalysts

Do you still remember that time when Sam Bankman-Fried first made the headlines? It was October 2021, a good time for bitcoin and other cryptocurrencies. The market fluctuated between 2,000 and 3,000 billion dollars in those days. At the same time, the deposed CEO of FTX, then 29, was going to donate his $22.5 billion for the betterment of mankind.

Mid-December, The Washington Post granted an article about the companies that have made the already predicament of cryptocurrencies worse. Among them are:

  • Terraform Labs: whose fugitive boss has not always been flushed out;
  • Celsius Network: the astronomical returns of 30% offered by Celsius are now only ancient history;
  • Voyager Digital and 3AC: fortunately the first was acquired by Binance.US;
  • BlockFI: which SBF tried to save at some point;
  • FTX: whose ex-CEO is no longer in prison.

The hand of Midas, which turned any object into gold, would have helped Midas Investissement in its misfortunes. Unfortunately, this remains a myth.

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