Cuban 'Hit' Sign From DeFi Carpet Pull Visible

The bottom fell from TITAN, which is part of IRON Finance's “multi-chain partially collateralized algorithmic stablecoin ecosystem.” Billionaire DeFi investor Mark Cuban's wallet balance could be better than expected. The price of $TITAN dropped to zero, prompting IRON Finance to urge all holders to withdraw liquidity from their pools following what it called a "bank run". Decrypt reached out to Iron Finance for comment. Cuban was one of the liquidity providers on QuickSwap, a decentralized exchange. On June 13, he announced his involvement with the tweet, "Crypto companies are more logical than you think, and valuing tokens is easier and more logical than you think." Three days later, that investment makes less sense. In response to a suggestion that this was a carpet pull—when the founders left a project after paying the money—Cuban said, "I got hit like everybody else. The crazy thing was, I went out and thought they had increased [total value locked] enough. Dan [sic] Bam. " Like everyone else, I was impressed. Oddly enough, I quit thinking they had raised their TVL enough. Dan Bam. — Mark Cuban (@mcuban) June 16, 2021 to Cuban Decrypt: "Live and learn."

Join the Discussion

  • BrokerEUR/USD
    LCG 0.3pips (variable) margin: 3.33%
    City Index 0.5pips (fixed) margin: 3.33%
  • Back to top