Since the last few days we are witnessing a lot of fluctuations in the crypto market. Last month, after Tesla CEO announced that now he will not be accepting cryptocurrencies anymore as mining is affecting the environment, after this prices of cryptocurrencies went down and this market saw a down fall of more than 10%. But, last Sunday when again he announced that he will be accepting these currencies only if miners use more than 50% of renewable energy, crypto market went high and for two days there was an increase of more than 10% in this market. But today, for the five straight days, graph of the currencies is just going down and investors are getting affected because of this.
Billionaire Investor Mark Cuban Hit by Iron Finance Token Crash, Calls for Defi Regulation
Billionaire investor Mark Cuban has been hit hard by Iron Titanium coin crash after the value of this cryptocurrency crashed to zero dollars. Though, the billionaire has not revealed the amount of his investment, but when asked he said that his value of investment was very small. The billionaire investor has called for cryptocurrency regulation focusing on decentralized finance (shortly abbreviated as defi) and stablecoins after a token that he invested in crashed from $64 to near zero dollars.
Taking to his twitter account, he said that, “I got hit like everyone else. Crazy part is I got out, thought they were increasing their TVL enough. Than 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 collapse of its iron titanium token (TITAN) “the world’s first large-scale crypto bank run.” At the time of writing this article, the cost of Iron Titanium is $0.00000014. Cuban revealed that his investment is Iron Titanium is for QuikSwap. He said, “I provide 2 different tokens (DAI/TITAN) that enable QuikSwap to offer swaps between these two tokens.”
Though his investment was small that didn’t affect him much but still he was unhappy about this and said, “I read about it. Decided to try it. Got out. Then got back in when the TVL start to rise back up. As a percentage of my crypto portfolio it was small. But it was enough that I wasn’t happy about it.”
As per some sources, this token ‘Iron Titanium’ crashed as a result of large investors started dumping their holdings, resulting in panic selling among small investors, which led to an excess of coins that hammered its price.