Mark Cuban Requests DeFi Regulation After Crypto Investment Turns To Zero

Last night, billionaire investor Mark Cuban said he was "hit" by the sudden collapse of a cryptocurrency called TITAN; The coin lost almost 100% of its value within a few hours. Now, after losing what he describes as a "small" percentage of his portfolio, he's calling for more regulation around stablecoins (a subset of cryptocurrencies that aim to hold a "stable" value pegged to a certain value). fiat currency. Here's @mcuban's full statement to Bloomberg about his liquidity delivery experience for $TITAN https://t.co/aAHwPWXFyp pic.twitter.com/r2ujqfxqM7 — Joe Weisenthal (@TheStalwart) Jun 17, 2021 Titan, Iron Finance' was part of. A type of investment project called DeFi or 'decentralized finance'. These are programs that manage your crypto entirely through code, without the intervention of intermediaries such as banks or investment managers. But one of the nice things about banks is that they are subject to consumer protection laws that deter bad players – there are no such rules for DeFi. Initially, TITAN's collapse was thought to be the result of a possible 'carpet pull', a type of exit scam common in DeFi that anonymous developers do with users' money. Cuban called Decrypt “Live and learn” at the time. Iron Finance has since released an autopsy of last night's events, which claims to have been caused by a 'bank scam' in the protocol: 'We never thought it would happen, but it just did. We just witnessed the world's first large-scale crypto bank operation," the report says. Whatever the reason, it caused money to flow out of an investment program around Iron Finance's stablecoin, IRON, and the price of TITAN dropped from $65 to $0.00000003. “In every new industry, I take risks not just to make money, but to learn,” Mark Cuban 'Hit' by Apparent DeFi Rug Pull wrote in an email to Bloomberg. a stable currency and what collateral

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