Mark Cuban, the billionaire cryptocurrency supporter and owner of the NBA team Dallas Mavericks, also feels the heat of the recent collapse in the crypto market. He said he was hit ‘like everyone else’ as he invested in Iron Finance’s Titan-based Titan Token, which plummeted from $ 64.04 (about Rs 4,736) to near zero in 24 hours. . He did not disclose the value of his loss. In those days before he made public about the impact of the crash on him, the crypto enthusiast asked for a blog post regulating cryptocurrencies focusing on decentralized financing (DeFi) and stable coins.
When a Twitter user at the sign wondered if Cubans had become ‘rough’ or ‘rough’, he replied: ‘I was hit like everyone else. The crazy thing is that I climbed out, thought they were increasing their TVL [Total Value Locked] enough. Toe bam. ”
I was hit like everyone else. The crazy thing is that I climbed out, thought they were increasing their TVL enough. As Bam.
– Mark Cuban (@mcuban) 16 June 2021
Iron Finance calls the Titan crash an ‘irrational and panicky event’ and ‘the world’s first large-scale crypto-bank run’. In a statement, Iron Finance blamed a ‘few large holders’ who tried to sell the sign. At the time of writing, the crypto was trading at $ 0.000008132 CoinMarketCap.
In a previous Twitter post, Cuban said that cryptocurrency businesses “make more sense than you think”, adding: “These are just businesses like any other, with some huge benefits”.
Cryptocurrencies are more meaningful than you think, and valuing tokens is easier and more meaningful than you think. These are just businesses like any other, with some BIG benefits. My blog post on the matter https://t.co/uICS2H9JGs
– Mark Cuban (@mcuban) 14 June 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 decentralized exchange platforms. In the blog, he also explained the world of DeFi from his point of view.
On June 13, by the time Cuban shared his blog, Titan was trading at $ 29 (about Rs 2,152). The sign peaked at $ 64.04 after three days, but soon investors began selling their shares, and the negative sentiment swept the market. Soon, Titan’s value reached zero.