Mark Cuban, the billionaire cryptocurrency backer and owner of the NBA team Dallas Mavericks, is also feeling the heat of the recent crypto market crash. He said he “got hit like everyone else” as he had invested in Iron Finance’s Titan token, based on DeFi protocol, that crashed from about $64.04 (roughly Rs. 4,736) to near zero within 24 hours. He didn’t disclose the value of his loss. Days before disclosing about the crash’s impact on him, the crypto enthusiast had called in a blog post for cryptocurrency regulation focusing on decentralized finance (DeFi) and stablecoins.
When a Twitter user wondered whether Cuban “rugged” or “got rugged” on the token, he replied: “I got hit like everyone else. Crazy part is I got out, thought they were increasing their TVL [Total Value Locked] enough. Then bam.”
I got hit like everyone else. Crazy part is I got out, thought they were increasing their TVL enough. Than Bam.
— Mark Cuban (@mcuban) June 16, 2021
Iron Finance called the Titan collapse “an irrational and panicked event” and “the world’s first large-scale crypto bank run”. In a statement, Iron Finance blamed the crash on a “few big holders” who rushed to sell the token. At the time of writing this report, the crypto was trading at $0.000008132, according to CoinMarketCap.
In a previous Twitter post, Cuban had said that cryptocurrency businesses “make more sense than you think”, adding, “They are just businesses like any other, with a few huge advantages”.
Crypto Businesses make more sense than you think and valuing tokens is easier and makes more sense than you think . They are just businesses like any other , with a few HUGE advantages. My blog post on the matter https://t.co/uICS2H9JGs
— Mark Cuban (@mcuban) June 14, 2021
The Shark Tank star has been in the cryptocurrency space for a while. In a recent blog, he stated that he was focused on DeFi innovation and decentralised exchange platforms. In the blog, he also explained the world of DeFi from his point of view.
On June 13, around the time Cuban shared his blog, Titan was trading at $29 (roughly Rs. 2,152). The token hit its peak at $64.04 after three days, but soon investors began selling off their holdings and the negative sentiment swept the market. Soon, Titan’s value neared zero.
Waiting For A Big SCOOP