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It’s all fun, you’re playing with DeFi and everything’s fine until you lose money… Mark Cuban cried when Titan dropped to virtually zero.
Cuban found the other side of DeFi
You could hardly find it on CMC, but Mark Cuban wasn’t afraid to pour his money into it. He later said he was “hit” by a sudden collapse cryptocurrencies called TITAN. The token lost most of its value, dropping from more than $ 50 to just a millionth of a dollar in a matter of hours, where it settled with a current price of $ 0.000009235.
The billionaire is one of the DeFi enthusiasts, but now he has run into his pitfalls.
“I think DeFi is one of the industries, along with nanotechnologies, green technologies and other technology classes, that have the potential to boom in the next 10 years.” Cuban said in February.
Titan ends up in “scrap”
Titan was part of the Iron Finance investment project. Although the cryptoworld of the project’s fall to zero was attributed to the so-called “rug pull” – that is, basically the theft of funds by the developers themselves, it was later described by people behind the project as a “run” on DeFi.
“We never thought it would happen, but it just happened. We have just experienced the first big run on a crypto bank in the world, ” states Iron Finance.
The billionaire talks about regulations
After losing what he characterizes as a “small” percentage of his portfolio, he calls for increased regulation around stablecoins. However, according to him, he does not experience his losses too much.
The billionaire stated:
“In every new industry, there are risks I take on not only trying to make money, but also learning.
There should be regulation defining what stablecoin is and what security is acceptable. We should demand $ 1 in our currency for every dollar or define acceptable hedging options. ”
Interestingly, last month Cuban wrote a paper of almost three thousand words about the project TITAN and Iron Finance. The billionaire, to his later shame, used the words “Brilliant lucrative farming, providing liquidity and valuing crypto projects.” He intends to learn from his losses, but would probably welcome some consumer protection regulations.