Locus Reviews 20

Reply from Locus

Dec 22, 2023

Hey, Gordon.
The good thing about blockchain is that all transactions are public and a thief can never completely cover up the theft.
If you do your due diligence and take the time you can trace where the funds were invested and where the big losses occurred in 22nd year when most of the cefi platforms doing similar work to midas shut down.
There is not a single piece of evidence on the web that Midas stole funds. You will not find any affiliation with money launderers or other evidence of theft. Midas closed down due to significant losses in '22 and that has nothing to do with what you are claiming.
Regarding staking and unstaking conditions. Locus has always planned exactly the model presented at the moment, you will find proof of this in the Locus whitepaper v1 published in October https://drive.google.com/file/d/1A8FLWmr6ipZg0mPCe-tKfxhyvWuga2gw/view
In fact what happened is that the unstaking counter was reset once due to a technical implementation update.
Regarding the ban, we can guarantee that following the rules of the community will not lead to a ban, but following the rules is mandatory for all for the common good

Reply from Locus

Dec 18, 2023

Hi, the Locus moderation team is committed to keep constructive communication in the community and for this purpose all members are required to follow the rules of the community, which can be found in our "Welcome" channel.
If you believe you have been blocked in error which sometimes happens please contact our support team on the website for further investigation.
Thank you for your understanding, have a good day
Locus Support Team Manager, Lloyd

Reply from Locus

Jul 27, 2023

Midas is a centralized platform that has existed since 2018 and operated fairly, but ended its existence last year. The yields on Midas platform were backed up by DeFi yields. Due to extreme growth of the platform in the end of 2021 (from $25 mil to $300 mil AUM) Midas investment team was forced to diversify assets across over 70 different protocols. This overall presence in the market lead to loss on some of the positions in the first quarter of 2022 when the market started to unwind, which was just 10% of the overall portfolio. After Luna and Celsius crash Midas experienced increased withdrawals, which resulted in the percentage growth of the portfolio loss. Midas team tried to implement new strategies and develop the platform despite of the market conditions that became even worse in the middle of 2022. After the crash of FTX Midas saw the outflow of more than 30% of the funds. Combined with negative business model and reduced variety of safe yield generation, the only solution Midas has left with is to close the platform and compensate the loss with Midas token. Midas has declared a balance deficit as a result of the above events, has issued Midas token to all those who suffered losses and soon Midas customers will be able to exchange it for a Locus token. The Midas Support Team worked until February 2023 a month after closure and reopened in June. We are now up and running and responding to all customers. Trevor who you have been emailing with also received and still receives dozens if not hundreds of messages a day can see why it is difficult for him to reply to everyone but you can contact him and other members of the team on the official Locus Discord
This Midas blog article explained in detail what happened: https://blog.midas.investments/midas-closure-reasons-and-pivot-to-cedefi/
Locus is built on fundamentally different grounds - trustless, security, publicity and decentralization. The team will not have direct access to the investment fund, the smart contracts that will manage the funds have been audited and showed no critical vulnerabilities. The long term goal of Locus.Finance is to built the trustless asset management infrastructure, which includes tokenised strategies and yield-bearing indices accessible to everyone with the highest transparency and zero third party risk. The growth of Locus finance aims to compensate the losses incurred during the last year of Midas platform existence.

Reply from Locus

Updated Jul 25, 2023

Midas is a centralized platform that has existed since 2018 and operated fairly, but ended its existence last year. The yields on Midas platform were backed up by DeFi yields. Due to extreme growth of the platform in the end of 2021 (from $25 mil to $300 mil AUM) Midas investment team was forced to diversify assets across over 70 different protocols. This overall presence in the market lead to loss on some of the positions in the first quarter of 2022 when the market started to unwind, which was just 10% of the overall portfolio. After Luna and Celsius crash Midas experienced increased withdrawals, which resulted in the percentage growth of the portfolio loss. Midas team tried to implement new strategies and develop the platform despite of the market conditions that became even worse in the middle of 2022. After the crash of FTX Midas saw the outflow of more than 30% of the funds. Combined with negative business model and reduced variety of safe yield generation, the only solution Midas has left with is to close the platform and compensate the loss with Midas token. Most of the Midas investment strategies were published regularly and anyone could check exactly where the investment funds were going. Midas has not raised interest rates since 2021, but only gradually lowered them. Midas has not claimed bankruptcy. Midas has declared a balance deficit as a result of the above events, has issued Midas token to all those who suffered losses and soon Midas customers will be able to exchange it for a Locus token. In February, a payment of $2,000 was made to all affected customers, which fully covered the debt owed to 594 users. Today, on July 11, about $2,150,000 will be distributed, which will close the debt of few hundred accounts.
This Midas blog article explained in detail what happened: https://blog.midas.investments/midas-closure-reasons-and-pivot-to-cedefi/
Locus is built on fundamentally different grounds - trustless, security, publicity and decentralization. The team will not have direct access to the investment fund, the smart contracts that will manage the funds have been audited and showed no critical vulnerabilities. The long term goal of Locus.Finance is to built the trustless asset management infrastructure, which includes tokenised strategies and yield-bearing indices accessible to everyone with the highest transparency and zero third party risk. The growth of Locus finance aims to compensate the losses incurred during the last year of Midas platform existence.

Reply from Locus

Jul 11, 2023

Midas is a centralized platform that has existed since 2018 and operated fairly, but ended its existence last year. The yields on Midas platform were backed up by DeFi yields. Due to extreme growth of the platform in the end of 2021 (from $25 mil to $300 mil AUM) Midas investment team was forced to diversify assets across over 70 different protocols. This overall presence in the market lead to loss on some of the positions in the first quarter of 2022 when the market started to unwind, which was just 10% of the overall portfolio. After Luna and Celsius crash Midas experienced increased withdrawals, which resulted in the percentage growth of the portfolio loss. Midas team tried to implement new strategies and develop the platform despite of the market conditions that became even worse in the middle of 2022. After the crash of FTX Midas saw the outflow of more than 30% of the funds. Combined with negative business model and reduced variety of safe yield generation, the only solution Midas has left with is to close the platform and compensate the loss with Midas token. The Midas team did not bet, most of the Midas investment strategies were published regularly and anyone could check exactly where the investment funds were going. Midas has not claimed bankruptcy. Midas has declared a balance deficit as a result of the above events, has issued Midas token to all those who suffered losses and soon Midas customers will be able to exchange it for a Locus token.
This Midas blog article explained in detail what happened: https://blog.midas.investments/midas-closure-reasons-and-pivot-to-cedefi/
Locus is built on fundamentally different grounds - trustless, security, publicity and decentralization. The team will not have direct access to the investment fund, the smart contracts that will manage the funds have been audited and showed no critical vulnerabilities. The long term goal of Locus.Finance is to built the trustless asset management infrastructure, which includes tokenised strategies and yield-bearing indices accessible to everyone with the highest transparency and zero third party risk. The growth of Locus finance aims to compensate the losses incurred during the last year of Midas platform existence.