Billionaire investor and Shark Tank star Mark Cuban has been hit by a token collapse, as a token he invested in collapsed from $64 to near $0.
Iron Finance be the name of the project that suffered what is being called the world’s first crypto bank run. The crash happened on Wednesday, and the token remains worthless two days out — at the time of writing the price of the token is just $0.000000029585.
With Mark Cuban being one of the investors in the project, he also got it. Responding to a tweet asking whether he rugged or got rugged on the Iron Finance token, Cuban clarified that he got hit like everyone else and suffered losses.
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
And in a candid letter to Bloomberg, the billionaire owner of NBA team Dallas Mavericks, shared some details about his experience with TITAN:
“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.”
But in a larger context, this was no different than the risks that he takes angel investing. He notes that in any new industry, there are risks that he takes with the goal of not just trying to make money, but also to learn.
Even though he says that he got rugged on this, it is really on him for being lazy.
Nevertheless, he turned to regulation, saying that if there is a lesson learned here, it is of the question that is on everyone’s mind — that of watertight regulation. He opined that there should be regulation to define what a stablecoin is, and what collateralization is acceptable.
Funny thing is that this came right after Cuban penned a blog post talking about his fascination with the DeFi space on June 13. He touted the potential of decentralized finance, as well as the TITAN token.
Some even believe that Iron Finance became popular because of him.
And there are voices saying doubting his story. Not everyone believes that he was caught unaware by the TITAN rug pull. The creator was anonymous, it had zero utility, and he was shilling it at the peak. Some are even labeling as the Cuban Missile Crisis.
What do you make of all this?
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