The Iron Titanium token (TITAN) crashed from highs of $64.19 to close $0 after an enormous sell-off.
Billionaire investor Mark Cuban has admitted he was “hit like everybody else” after a cryptocurrency token he invested in crashed 100% on Thursday.
Iron Titanium token (TITAN) worth had rocketed to highs of $64.19 from round $29 in lower than every week, with a lot of the hype now attributed to a Mark Cuban blog post that touted the “brilliance” of yield farming and liquidity offered within the DeFi house.
That was on 13 June, with the TITAN token hitting its peak worth on 16 June. Nevertheless, a drawdown to $60 noticed it start to crash as whales dumped their holdings amid panic promoting, triggering a cascade of downhill buying and selling that culminated in a sell-off to near-zero costs.
After one crypto person suggested that Cuban had been “rug pulled“, the Shark Tank star and Dallas Mavericks proprietor replied that the “hit” was very like what everybody else invested within the token had taken.
I bought hit like everybody else. Loopy half is I bought out, thought they have been rising their TVL sufficient. Than Bam.
— Mark Cuban (@mcuban) June 16, 2021
Based on Bloomberg, Cuban feels he ought to have performed higher after getting out of TITAN solely to return in because it appeared as if the mission’s complete worth locked (TVL) was rising. Because it turned out, that was a danger that he nonetheless acknowledges isn’t any totally different from different funding dangers.
“As a proportion of my crypto portfolio it was small. However it was sufficient that I wasn’t blissful about it,” he mentioned.
He added, “However in a bigger context it’s no totally different than the dangers I absorb angel investing. In any new business, there are dangers I tackle with the aim of not simply making an attempt to make cash but additionally to study. Though I bought rugged on this, it’s actually on me for being lazy.”
Cuban is now calling for elevated regulation of the DeFi and stablecoin house to guard traders. Nevertheless, some on CT say it’s egocentric for the billionaire to name for regulatory scrutiny solely after he misplaced as a result of he did not do due diligence.
David Schawel, the Chief Funding Officer at Household Administration Company, tweeted:
I’ve a tough time when individuals admit they have been lazy in due diligence however then blame lack of regulation
— David Schawel (@DavidSchawel) June 17, 2021
Based on information from market aggregator and worth tracker CoinGecko, TITAN’s worth is now a measly $0.000000037 and continues to wrestle with its worth 13% down on Friday morning.