Mark Cuban likely got hit by an apparent DeFi rug pull from IRON Finance as the bottom crashed out of TITAN which was a part of a multi-chain partial collateralized algorithmic stable coin ecosystem. The billionaire investor’s wallet balance might have fallen with it as we can see more in today’s crypto news.
The price of TITAN dropped to zero and prompted IRON Finance to call for all of the holders to withdraw liquidity from the pools after they were hit with what is called a “bank run.” Cuban was one of the liquidity providers on QuickSwap which is a decentralized exchange and announced that he was involved with it by tweeting:
“Crypto Businesses make more sense than you think and valuing tokens is easier and makes more sense than you think.”
Cuban rugged CT or himself got rugged on @IronFinance
— palmer (@bitcoinPalmer) June 16, 2021
Three days later, it seems that the investment made no sense as Mark Cuban likely got hit by a DeFi rug pull. Responding to a suggestion that this was a rug pull which happens when the founders abandoned a project after crashing, 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.”
As recently reported, Cuban talked about his experience with cryptocurrencies and the current state of the market as well as the reasons behind the bullish perception of BTC and ETH. For him, cryptocurrencies and their applications are the next steps in the evolution of the Internet. Claiming that BTC took away money from gold and will continue to do so, the billionaire separated the applications between the cryptocurrencies. For him, the most exciting part of the crypto space is the emergence of decentralization and decentralized finance.
Crypto Businesses make more sense than you think and valuing tokens is easier and makes more sense than you think . They are just businesses like any other , with a few HUGE advantages. My blog post on the matter https://t.co/uICS2H9JGs
— Mark Cuban (@mcuban) June 14, 2021
The entrepreneur believes that in the past 25 years, internet costs have been dramatically reduced to the point where the users can enjoy services like e-mail storage free of charge. Combined with the “decentralization, governance” as well as smart contracts, the Internet applications increased dramatically. Cuban was aware of the use cases for BTC in 2012 and believed that its limitations were going to prevent it from “working out” however, he outlined that the best application for it was a store of value.
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