Mark Cuban regrets not doing the math on his Titan Crypto investment as his team refuses to pull the rug out from under him.
Mark Cuban, the billionaire investor, has admitted that failing to properly analyze the TITAN cryptocurrency, which plummeted catastrophically this week, was “my error.”
According to CoinGecko data, the cryptocurrency token lost nearly all of its value on Wednesday, going from over $60 on June 16 to just around zero on Thursday morning.
Cuban, a well-known cryptocurrency investor and owner of the Dallas Mavericks sports franchise, claimed on Twitter that he had been “hit” by the crash. Later, he admitted that he was responsible for his investment loss.
The investor also stated that he was unsure whether the crash was caused by a “rug pull,” which is a sort of bitcoin exit scam.
Iron Finance, the company behind TITAN, has refuted this, posting a warning label on its website that reads, “Please don’t buy TITAN or IRON.” There are no exploits, hackers, or rug-pullings.”
On Thursday, Cuban told this website: “I haven’t looked into it enough enough to know if there was anything fishy going on. However, I accept responsibility for not performing the necessary calculations before to investing.
“The math of the stable coin and TITAN was all written in plain and white. It was there if I looked—how much more needed to be provided to sustain TITAN, and what would happen if sales outpaced adds. I didn’t want to do the task, so I didn’t.
“Is it possible they had every intention of extracting as much money as possible and running with it? I suppose so. But I don’t know one way or the other if that is true.
“For me, I decided it wasn’t worth my time to dig in far enough. I took a flyer. My mistake.”
Iron Finance said on June 17, that people would be able to redeem IRON for USDC stablecoin starting 5 p.m. UTC (1 p.m. EDT). The site allowing people to do so did not appear to be working when This website tried to load it at 12:42 p.m. BST (7:42 a.m. EDT).
In a Thursday statement, Iron Finance said the TITAN crash was due to “the world’s first large-scale crypto bank run,” in which large investors in TITAN began to sell, prompting a further selloff.
It added: “When people panic and run over to the. This is a brief summary.