Midas Investments Suspends Services on Its Platform after FTX Crash

Midas Investment

The cryptocurrency platform Midas Investments disabled deposits and swaps due to severe financial losses caused by Celsius’ bankruptcy and FTX’s fiasco.

CEO Iakov Levin said the organization will aim to focus on a new project next year that will be “fully transparent” and will offer an “improved investment experience.”

In a recent blog post, Midas Investments’ Founder and CEO said the company shut down services on its platform yesterday (December 27). It disabled customer withdrawals for a few hours to conduct necessary calculations and later allowed users to withdraw their remaining funds with adjusted deductions.

Levin revealed that the entity’s initial goal was to deduct 48% from clients’ balances but later changed the figure to 55%:

“We will adjust user balances by balancing remaining liabilities in BTC, ETH, and stablecoins with remaining assets, deducting 55% and rewards earned.”

Balances in other digital currencies, including BNB, AVAX, and FTM, will not be impacted. The company will also distribute MIDAS tokens as compensation to affected customers based on their deducted amount.

Levin believes retail and institutional clients will significantly increase their interest in Decentralized Finance (DeFi) in the next five years. As such, Midas Investments intends to roll out “scalable, on-chain, verifiable, tokenized CeDeFi strategies” for both CeFi and DeFi users. 

The company also aims to introduce a new project “built on principles of full transparency” that will have its own native token. The firm will eventually stop providing liquidity for the MIDAS token and swap it for the new asset.

The CEO apologized to all customers harmed by the platform’s closure. He raised hopes that the planned amendments will be the best solution to the current problems:

“This is not the end, but rather the beginning of something new. I understand the difficult decision to close Midas and apologize to anyone who lost money. I will do my best to make sure you can recoup your losses in the new project.”

This Post Has 6 Comments

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    Excessive testosterone ranges also can develop in less problematic circumstances.
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    physique composition, and activity degree. There’s also no purpose why a newbie would
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    power positive aspects. Dianabol aromatizes, and thus our sufferers can experience water retention and potentially gynecomastia (whereas
    Superdrol doesn’t trigger this).
    This is likely one of the primary the cause why many select to incorporate Anavar into their regimen. Although liver markers can rise notably on-cycle,
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    While some firms use the words “natural” or “plant-based” to make a product sound secure, natural substances may be as potentially dangerous as drugs.
    While they work properly to manage certain diseases, they’ll
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    For this purpose, they’re reserved only for average to extreme inflammatory conditions (34).

    Following AR receptor activation an increase in reactive oxygen species could be observed
    because of the improve in mitochondrial b-oxidation. Furthermore, antioxidant substances have a protective role against hepatotoxicity mediated by AASs.

    It was additionally demonstrated that androgenic efficiency and metabolic resistance are positively linked to the diploma of liver injury [82].
    Flowchart of optimistic and unfavorable results of anabolic-androgenic steroid (AAS) administration. Prolonged and high doses of testosterone and
    his derivatives lead to critical consequences in all physique tissues and organs.
    Young athletes typically take protein supplements or nucleic acid supplements (creatine) to help their sports performance.

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    use and a focus issues on this examine [44, 53, 54].

    Individuals don’t often obtain cortisol itself as a remedy, however there are intently associated corticosteroids (which have many similar characteristics) that can be used if your physique would not produce sufficient cortisol naturally.
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    naturally within the body, but they can be made artificially after which used as medication.
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    considered when AAS use is suspected to find a way to undertake aggressive
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    of rats treated with long-term administration of nandrolone was instructed in a recent study.

    In this regard, a hyperlink between oxidative stress and NF-Kb
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    are used to increase muscle measurement.Anabolic steroids are artificial (man-made) variations of testosterone which might be used to extend muscle measurement.
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