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."
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
Cuban told Decrypt: "Live and learn."Source