Sirwin
Sirwin
Midas Crash

How I Discovered the $338M Midas Scam a Year Before It Imploded

By 1securemf | Safer Smarter Crypto | 4 Jan 2023


The popular yield platform Midas.Investments has finally fallen. I tried to sound the alarm about Midas many months ago. 

On May 19th, 2022, I had a live chat conversation with a Midas representative. This link will take you to screenshots of the entire transcript: https://imgur.com/a/9yYtw7D

Here are the highlights: 

In the transcript, the Midas representative revealed that Midas had "around $338M" under management.

I wrote, "I've withdrawn my money. I know Midas is running a scam akin to a Ponzi scheme."

The Midas representative didn't deny these claims, he simply said, "No one is forcing you to invest with Midas."

I pressed and asked for the name and location of the corporate entity which owned Midas.

The representative skirted the question, so I asked flat-out, "Are you refusing to provide me with the name and location of the corporation which owns Midas?"

The representative admitted that Midas Investments was not associated with any corporate entity.

Midas did not have a phone number.

Midas did not have any address anywhere on planet Earth

What did Midas have? Over $338,000,000 AUM.

I concluded my conversation with the Midas representative with words I still believe to be true: "I don't blame you at all. People like me who signed up for Midas did so because we got greedy and decided to ignore red flags."

I Warned Some People, But Not Enough

For a long time, I went to several Subreddits and shared the transcript of my conversation with Midas along with other pertinent research all of which pointed to Midas being a scam. A few people told me they divested from Midas after reading my research. Unfortunately, many more people said I was foolish for not trusting Midas. Accused me of spreading Fear, Uncertainty, and Doubt. I hope those people got their money out of Midas in time, but that is unlikely.

Bottom Line

I'm not glad that I was right about Midas. I hope the frauds responsible are brought to justice. I hope every victim of Midas Investments will be made whole.

However, all of that is out of my control.

So I simply implore everyone: Don't get fooled again.

 

 

 

This link will take you to screenshots of the entire transcript: https://imgur.com/a/9yYtw7D

 

 

 

How do you rate this article?

25


1securemf
1securemf

1SecureMF is a published journalist (Rolling Stone), hedge fund analyst, and individual investor who's been featured on the Economist podcast.


Safer Smarter Crypto
Safer Smarter Crypto

Investment strategies, analysis of cryptocurrencies, reviews of crypto exchanges (centralized and decentralized), and cybersecurity tips.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.