Midas Investments | Is it too good to be true?

jrrsparkles

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Quote from: Ultegra134 on September 29, 2022, 05:48:44 PM

I was browsing today trying to find a better alternative to Binance's savings, after suffering a third interest drop. I came across the following website: Stakingrewards.com, which presents you with all the available alternatives. I was interested in USDT/BUSD/USDC and was surprised to see the offered APY from a platform named "Midas Investments". They're offering absurdly high APY on coins such as USDT or USDC (up to 16%), and 8.5% and 10.4% on Bitcoin and Ethereum, respectively, without requiring a lock-in period. They also feature their own coin, named after their website, offering up to 27% APY.

Has anyone used them? While I don't believe they are currently a scam, I'm not sure if their business model is sustainable in the long term. Supposedly, they've been in business for over 4 years (haven't confirmed it myself), while according to Captainaltcoin.com's review, they're a registered business in Switzerland, with a pretty decent rating of 8.2/10.

Review
Midas Investments

I knew the midas website which is related to gaming company if I am not wrong but this cryptocurrency related website called midas seems an odd because of the reason mentioned above like the company, registered address and founder from multiple countries differs from each other so for me its is like luring the people with reputed name by giving attractive as well as realistic rates.

Ultegra134

hero member

Activity: 1750

Merit: 904

Quote from: Bitcoin_Arena on September 29, 2022, 06:27:34 PM

It would be quite a gamble if you tried to use the platform. First, the service is centralized. I think you know what happened during the Luna crash. Such platforms are prone to locking up people's funds
This thread can be worth a read - Recent events should make you withdraw all your coins to your own wallet: Part 2

Those too good to be true high rates could mean something, which we don't know yet. Where are they getting that money from?
Another good one to read: "If you don't understand where the yield is coming from, you are the yield."

Quote from: Ultegra134 on September 29, 2022, 05:48:44 PM

Has anyone used them? While I don't believe they are currently a scam, I'm not sure if their business model is sustainable in the long term. Supposedly, they've been in business for over 4 years (haven't confirmed it myself), while according to Captainaltcoin.com's review, they're a registered business in Switzerland, with a pretty decent rating of 8.2/10.

it's likely that the earlier years they weren't so much into yield farming, they probably jumped into the Defi bandwagon at the peak of the hype

a Redditor said this

Quote from: https://www.reddit.com/r/CryptoCurrency/comments/s5euq4/comment/i40cgxc/?utm_source=reddit&utm_medium=web2x&context=3

Tempting but too many red flags. Midas states that it is located in Switzerland and there was an article that they will be registered with Swiss Financial Market Supervisory Authority license (FINMA).

But CoinMarketCap states it is in Russia.

Their CEO is in Istanbul Turkey.

Their Rates are more than twice what any is offering.

I would say you proceed with caution.

I also found the Reddit post you quoted. Not only are they centralized, but they also require KYC, according to a few other replies I read at least. Taking into account that I haven't found anyone directly mentioning that they've been scammed, except some users claiming that it's fishy and provides absurdly high APYs, I don't believe it's a straight up scam but rather suspicious to say the least. The website mentions Switzerland, but a whois domain lookup shows Finland.

The only thing concerning/surprising me is that there's not a single mention that they've been scammed by this platform. Their APYs are out of this world, especially for single stablecoin vaults. I'd understand if they were paired with a riskier algorithmic stablecoin, but single USDT/USDC/BUSD vaults offering up to 16%? That's crazy.

I am tempted to try with a small amount of money just to test how their platform functions.

Bitcoin_Arena

copper member

Activity: 2114

Merit: 1814

฿itcoin for all, All for ฿itcoin.

It would be quite a gamble if you tried to use the platform. First, the service is centralized. I think you know what happened during the Luna crash. Such platforms are prone to locking up people's funds
This thread can be worth a read - Recent events should make you withdraw all your coins to your own wallet: Part 2

Those too good to be true high rates could mean something, which we don't know yet. Where are they getting that money from?
Another good one to read: "If you don't understand where the yield is coming from, you are the yield."

Quote from: Ultegra134 on September 29, 2022, 05:48:44 PM

Has anyone used them? While I don't believe they are currently a scam, I'm not sure if their business model is sustainable in the long term. Supposedly, they've been in business for over 4 years (haven't confirmed it myself), while according to Captainaltcoin.com's review, they're a registered business in Switzerland, with a pretty decent rating of 8.2/10.

it's likely that the earlier years they weren't so much into yield farming, they probably jumped into the Defi bandwagon at the peak of the hype

a Redditor said this

Quote from: https://www.reddit.com/r/CryptoCurrency/comments/s5euq4/comment/i40cgxc/?utm_source=reddit&utm_medium=web2x&context=3

Tempting but too many red flags. Midas states that it is located in Switzerland and there was an article that they will be registered with Swiss Financial Market Supervisory Authority license (FINMA).

But CoinMarketCap states it is in Russia.

Their CEO is in Istanbul Turkey.

Their Rates are more than twice what any is offering.

I would say you proceed with caution.

Ultegra134

hero member

Activity: 1750

Merit: 904

I was browsing today trying to find a better alternative to Binance's savings, after suffering a third interest drop. I came across the following website: Stakingrewards.com, which presents you with all the available alternatives. I was interested in USDT/BUSD/USDC and was surprised to see the offered APY from a platform named "Midas Investments". They're offering absurdly high APY on coins such as USDT or USDC (up to 16%), and 8.5% and 10.4% on Bitcoin and Ethereum, respectively, without requiring a lock-in period. They also feature their own coin, named after their website, offering up to 27% APY.

Has anyone used them? While I don't believe they are currently a scam, I'm not sure if their business model is sustainable in the long term. Supposedly, they've been in business for over 4 years (haven't confirmed it myself), while according to Captainaltcoin.com's review, they're a registered business in Switzerland, with a pretty decent rating of 8.2/10.

Review
Midas Investments

Topic: Midas Investments | Is it too good to be true? (Read 129 times)