Crypto Investment Firm Midas Shutting Down Platform Following Losses

The collapse of Celsius Network and FTX led to more than 60% of Midas’ assets under management being withdrawn.

AccessTimeIconDec 27, 2022 at 11:03 p.m. UTC
Updated May 9, 2023 at 4:05 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Midas Investments, an investment firm that focused on DeFi (decentralized-finance) yields, is shutting down its platform following its losses this year, according to a blog post from CEO and founder Iakov “Trevor” Levin on Tuesday.

Levin wrote that this past spring, the Midas DeFi portfolio lost $50 million, or 20% of its $250 million in assets under management, and that after the collapse of crypto lender Celsius Network and exchange FTX, 60% of the assets on Midas' platform were withdrawn.

  • Bitcoin ETFs Are Still 'Wildly Successful': Kraken Head of Strategy
    Bitcoin ETFs Are Still 'Wildly Successful': Kraken Head of Strategy
  • Three Crypto Predictions in 2024
    Three Crypto Predictions in 2024
  • Crypto Market Leaders and Laggards in 2023
    Crypto Market Leaders and Laggards in 2023
  • DeFi Market Rebounds to $50B as Speculators Hunt for Yield
    DeFi Market Rebounds to $50B as Speculators Hunt for Yield
  • “Based on this situation and current CeFi market conditions, we have reached the difficult decision to close the platform,” Levin wrote, referring to centralized finance.

    The company will now focus on a new project that “aligns with our vision for” centralized decentralized finance (CeDeFi), Levin said.

    Starting on Tuesday, Midas disabled deposits and swaps, as well as withdrawals, for some time while it makes calculations and balance adjustments. Its target is to deduct 55% from user balances held in bitcoin (BTC), ether (ETH) and stablecoins, with the adjustment being compensated for in MIDAS tokens that can be swapped in for tokens of its new project.

    “The goal of the new project is to create a win-win situation by connecting competing protocols with liquidity and offering a simplified yield to a range of DeFi and CeFi audiences,” Levin wrote.


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Nelson Wang

    Nelson Wang was CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

    Read more about