DeFi Token Introduced By Billionaire Mark Cuban Sees Zero. The Frightening Fall of Iron Finance aka Titan Token Continues.
Iron Finance, the decentralized finance project backed by billionaire Mark Cuban, has collapsed. The great loss of value in Titan Token, which the World Famous Billionaire stands behind, caused investors to flee.
Why is the TITAN token Falling?
Iron Finance, the decentralized finance project backed by billionaire Mark Cuban, has collapsed. The TITAN token went from $60 to almost zero in 24 hours. There are many factors among the reasons for the decline of TITAN TOKEN. Many users on Reddit made harsh comments after the fall in the investment tool they trust. There is no definite explanation yet why the Titan Token dropped.
The IRON stablecoin, partially backed by USD Coin (USDC) and TITAN, also lost its stable value.
In a June 13 blog post titled “Yield Farming, Delivering Liquidity, and Valuing Crypto Projects,” the Dallas Mavericks owner revealed that he is a liquidity provider for TITAN on decentralized exchange QuickSwap:
“I’m a little LP for QuickSwap. I provide 2 different tokens (DAI/TITAN) which enable QuikSwap to offer swap between these two tokens. As you can see here, this pair is one of many, and you can also see the return on my initial $75k investment (based on fees only) based on the 0.25 percent volume on this swap that Quickswap paid out.”
Cuban says it came out before the alleged “rug pull” happened:
“Like everyone else, I was shot. The crazy part was I was dating, I thought they had increased their TVL enough. And then there was this decline.”
With $2.2 billion in total value locked in, Iron Finance called on all community members to withdraw liquidity from all pools in its Twitter statement, calling the event a “bank operation”. He also added that the contract does not allow for redemption as the TITAN price has dropped to zero. It’s unclear if there is some sort of smart contract vulnerability, as Iron Finance has not yet shared a review. There appears to be an exploit that turns the TITAN supply into 922 billion tokens, thus rendering all tokens worthless.
Since the price of titan has fallen to 0, the contract does not allow for redemptions.— IRON Finance (@IronFinance) June 17, 2021
We will need to wait for 12 hours for the timelock to pass before USDC redemptions are possible again.
Many suspect that the team behind the project may have had an exit scam. The sharp decline of Titan Token drew the reaction of many investors. Many users on Reddit agree that this situation should be disclosed immediately.
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.