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Mark Cuban 'Hit' by Apparent DeFi Rug Pull

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Mark Cuban 'Hit' by Apparent DeFi Rug Pull

The bottom has fallen out of TITAN, part of a “multi-chain partial-collateralized algorithmic stablecoin ecosystem” from IRON Finance. And billionaire DeFi investor Mark Cuban’s wallet balance may have fallen with it.

The price of $TITAN fell to zero, prompting IRON Finance to call for all holders to withdraw liquidity from the pools after being hit by what it called a “bank run.” Decrypt has reached out to Iron Finance for comment.

Cuban was one of those liquidity providers on QuickSwap, a decentralized exchange. He announced his involvement on June 13, tweeting: “Crypto Businesses make more sense than you think and valuing tokens is easier and makes more sense than you think.”

Three days later, that investment makes less sense.

Responding to a suggestion that this was a rug pull—when founders abandon a project after cashing out—Cuban responded: “I got hit like everyone else. Crazy part is I got out, thought they were increasing their [total value locked] enough. Than [sic] Bam.”

Cuban told Decrypt: “Live and learn.”

Source

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
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