The firm plans to shift to a centralized decentralized finance model
As of 28 December, the investment firm stood in the face of $115 million worth of liabilities, against $51.7 million in assets. This presented a $63.3 million deficit in its balance sheet. Additionally, this also included $14 million lost to Ichi Protocol and another $15 million to DeFi Alpha portfolio position’s decreasing value.
also contributed to Midas’ predicament. These events led to an outflow of assets representing more than 60% of its AUM.Midas CEO Trevor Levin clarified that the firm will rebalance the accounts of its users by deducting 55% from their rewards account. This would mean that users will be able to withdraw 45% of their funds.
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