Titan Token Price Crashes From $64.04 to Near Zero. Billionaire Investor Mark Cuban Says He ‘Got Hit’

Titan Token price went from $64.04 (roughly Rs. 4,736) to near zero within 24 hours.

By Edited by Gadgets 360 Newsdesk | Updated: 18 June 2021 14:36 IST

Titan Token Price Crashes From $64.04 to Near Zero. Billionaire Investor Mark Cuban Says He ‘Got Hit’

Mark Cuban's NBA team Dallas Mavericks' online store recently started accepting Dogecoin

Highlights

Titan Token is based in DeFi protocol like Ethereum
Mack Cuban had been backing DeFi
The billionaire investor and Shark Tank star also owns Dallas Mavericks

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.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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