The owner of the NBA basketball club “Dallas Mavericks” suffered from the depreciation of the Titan token, which in less than a day collapsed in price from $ 64 to $ 0. The businessman admitted that he had not researched the market enough before buying a digital coin.
Billionaire Mark Cuban, in an interview with Bloomberg, called for the introduction of regulation of stablecoins and DeFi after the collapse of the Titan token, the price of which dropped from $ 60 to $ 0 in a day.
The owner of the NBA basketball club “Dallas Mavericks” accused himself of laziness, and also admitted that he did not research the market before investing in the Titan token.
According to Cuban, there should be a clear regulation of the issue of stable blocks and the rules for ensuring its liquidity.
On June 17, Cuban announced on Twitter that he suffered from the depreciation of the Titan token, as he was one of the providers of altcoin liquidity.
Cuban wrote about the Titan token on his blog on June 13th, The billionaire revealed that he is providing liquidity for the QuickSwap decentralized exchange.
Cuban warned that he could withdraw his funds at any time and noted the high risks of this way of earning.
Titan is the token of the Iron Finance project. It was used to provide value for the IRON stablecoin. Users could deposit 25% in Titan and 75% in USDC to issue new IRONs.