Another Crypto Investment Firm Shuts Down, Taking Over 55% of Customers' Funds

Levin said that in the spring of 2022, the advent of the crypto winter saw Midas' DeFi portfolio lose $50 million of its $250 million market value, or 20%. Then, following the bankruptcy of Celsius on Jul. 13 and FTX on Nov. 11, "the platform experienced over 60% of AUM being withdrawn, creating a large asset deficit" of $63.3 million, based on assets of $51.7 million against liabilities of $115 million in BTC, ETH and stablecoins. "Based on this situation and current CeFi market conditions, we have reached the difficult decision to close the platform," Levin wrote.