Less than a week ago, billionaire investor Mark Cuban proclaimed:
"Crypto Businesses make more sense than you think and valuing tokens is easier and makes more sense than you think."
He may well be correct, but just a few days later, his investment in TITAN - part of a "multi-chain partial-collateralized algorithmic stablecoin ecosystem" from IRON Finance - has hit an iceberg and sunk like the Titanic.
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
As the price of TITAN plunged to zero, Decrypt reports that IRON Finance called for all holders to withdraw liquidity from the pools after being hit by what it called a "bank run."
From over $60 to $0 in hours...