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Midas Investment announced the termination of activities

Cryptocurrency platform Midas Investment has notified users of a $63 million working capital shortfall and announced the cessation of operations. Midas CEO Iakov Levin said in an address to platform users that the decision to terminate operations was made after losses of $50 million were incurred.. The head of Midas clarified that the liquidity situation has deteriorated significantly after the events with Celsius and FTX, when more than 60% of previously placed assets were withdrawn from the platform. As of December 27, Midas' total liabilities were $115 million in bitcoin (BTC), ether (ETH), and stablecoins.. The platform’s current assets are at around $52M, which creates a deficit of $63M. “The asset shortfall was caused by the long-term risk of DeFi investments, the instability of our business model following the loss of assets, and the illiquidity of the Midas token,” the message to clients said. Levin stated that Midas will rebalance its users' accounts, deducting 55% of earned rewards from them.. This move will allow clients to keep and withdraw 45% of their initial investment. Earlier, the analytical company CryptoCompare published a report on the cryptocurrency industry, where it noted that the market will need some time to fully recover from the effects of the collapse of the FTX exchange.