- Mark Cuban invested in TITAN which crashed to near zero.
- He asks for DeFi and stablecoin regulation.
- Other Twitter users commented that “one should be careful when investing”.
TITAN is owned by Iron Finance, it began bridging to Polygon’s chain on May 18 to benefit from Polygon’s performance and low transaction fees. The token was last seen trading for around $0.000000035, down from a high of $65 on Wednesday. The price of the token is $0.000008668 at the time of writing.
The billionaire investor Mark Cuban invested in TITAN which crashed to near zero. One of the followers of Cuban posted asking whether he “rugged” or “got rugged” on Iron’s Finance. Replying to this comment, he stated that he got hit like everyone.
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
The Shark Tank star has been involved in the cryptocurrency space for quite some time. He stated in a recent blog that he was focused on DeFi innovation and decentralized exchange platforms. He also explained the world of DeFi from his perspective in the blog.
Titan was trading at $29 on June 13, around the time Cuban published his blog. After three days, the token reached a high of $64.04, but investors quickly began selling their holdings, and a negative sentiment swept the market. Titan’s value was soon approaching zero.
Moreover, Cuban shared his experience in an article stating
“However, in a broader sense, it is no different than the risks I take with angel investing. In any new industry, there are risks I take with the goal of not only making money but also learning. Even though I got rough on this, I’m really to blame for my laziness.”
Twitter Users Criticizes Cuban
More so, Cuban demands regulations on DeFi and stablecoin. Besides, he states, given that stable coins are likely to need to reach hundreds of millions of dollars in value to be useful, they should be required to register.
Furthermore, some don’t believe the story of Cuban and some mock him for requesting the regulation. Entrepreneur Luosheng Peng posted a tweet saying that Cuban requests for DeFi regulation after he lost everything investing in TITAN. He demands to be cautious when investing in crypto assets as they are not BTC and ETH.
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