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 — 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. Iron Finance has since released an autopsy of last night's events claiming that the cause of a "bank leak" in the protocol was a "bank leak" in the protocol: "We never thought it would happen, but it just happened." message reads. Whatever the reason, Iron Finance's stablecoin spawned money from an investment program around IRON, and the price of TITAN fell 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 told Cuban Bloomberg. “There should be regulations defining what is a stable currency and what collateral is acceptable.

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