Billionaire investor and Shark Tank star Mark Cuban has called for cryptocurrency regulation focusing on decentralized finance (defi) and stablecoins after a token he invested in collapsed from $64 to near zero.
Cuban Wants Defi and Stablecoin Regulation After Investing in Collapsed Token
The billionaire owner of the NBA team Dallas Mavericks, Mark Cuban, invested in a token that crashed from about $64 to near zero Wednesday. Iron Finance called the collapse of its iron titanium token (TITAN) “the world’s first large-scale crypto bank run.” The price of the token is $0.000000029585 at the time of writing.
Responding to a tweet asking whether he “rugged” or “got rugged” on Iron Finance’s token, Cuban wrote: “I got hit like everyone else. Crazy part is I got out, thought they were increasing their TVL [Total Value Locked] enough. Then bam.”
The billionaire investor has been fascinated by defi for quite some time. He wrote a blog post on June 13 touting the potential of defi innovation and TITAN. Some say that the Iron Finance token became popular because of Cuban.
In the blog post, the Shark Tank star explained that he was a small liquidity provider (LP) for Quickswap. “I provide 2 different tokens (DAI/TITAN) that enable Quikswap to offer swaps between these two tokens … my return on my initial $75k investment (based on fees only) as of this writing, is an…