Billionaire cryptocurrency supporter and owner of NBA team Dallas Mavericks Mark Cuban also felt the heat of the recent cryptocurrency market crash. He said that he was “hit like everyone else” because he invested in Iron Finance’s Titan token based on the DeFi protocol, which plummeted from approximately $64.04 (approximately Rs 4,736) to nearly zero in 24 hours. He did not disclose the value of the loss. A few days before revealing the impact of the crash on him, the cryptocurrency enthusiast called for attention to decentralized finance (DeFi) and stable currency cryptocurrency regulation in a blog post.
When a Twitter user wanted to know whether Cuba was “sturdy” or “sturdy” on the token, he replied: “I was hit like everyone else. The crazy part was that I went out thinking they were adding them TVL [Total Value Locked] enough. Then bang. “
I was hit like everyone else. The crazy part is that I went out, thinking they added enough TVL. Bibam.
— Mark Cuban (@mcuban) June 16, 2021
Iron Finance called the Titan crash “an irrational and panic event” and “the world’s first large-scale crypto bank run.” In a statement, Iron Finance blamed the crash on “a few large holders” who were eager to sell tokens. According to data from CoinMarketCap, at the time of writing this report, the trading price of cryptocurrency is 0.000008132 USD.
In a previous Twitter post, Cuban stated that cryptocurrency businesses are “more meaningful than you think” and added that “they have some huge advantages like any other business”.
Encryption business is more meaningful than you think, and valuing tokens is easier and more meaningful than you think. They, like any other company, have some 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 some time. In a recent blog, he stated that he focuses on DeFi innovation and decentralized trading platforms. In the blog, he also explained the world of DeFi from his own perspective.
On June 13, when Kuban shared his blog, the price of Titan was $29 (approximately Rs 2,152). The token reached a peak of $64.04 after three days, but soon investors began to sell their holdings, and negative sentiment swept the market. Soon, the value of Titan was close to zero.