I have a hard time when people admit they were lazy in due diligence but then blame lack of regulation. Be careful when you make crypto investments beyond BTC & ETH.” David Schawel, CIO of Family Management Corporation, commented: And after that happened, he is calling for increased Defi regulation. Entrepreneur Luosheng Peng tweeted: “Mark Cuban invested in crypto TITAN & lost it to almost $0. Meanwhile, some people criticized Cuban for calling for regulation after claiming to have lost money in the incident. The creator was anonymous, it had zero utility, and he was shilling it at the peak.”Īlex Saunders, founder of Nugget’s News, tweeted: “The incident is being labeled the ‘Cuban Missile Crisis’ after Mark Cuban did a post on TITAN, it then pumped 100x only to be rugged to 0.” Twitter user Paul Bryant wrote: “I don’t believe for one nanosecond that Mark Cuban was caught unawares by the TITAN rug pull. Some people do not believe Cuban’s story, however. “To be able to call itself a stable coin? Where collateralization is not 1 to 1, should the math of the risks have to be clearly defined for all users and approved before release? Probably given stable coins most likely need to get to hundreds of millions or more in value in order to be useful, they should have to register.” currency for every dollar or define acceptable collateralization options, like U.S. There should be regulation to define what a stablecoin is and what collateralization is acceptable. Turning to regulation, he suggested, “if you are looking for a lesson learned, the real question is the regulatory one,” emphasizing: Even though I got rugged on this, it’s really on me for being lazy.” “In any new industry, there are risks I take on with the goal of not just trying to make money but also to learn. “But in a larger context it is no different than the risks I take angel investing,” he noted. But it was enough that I wasn’t happy about it. As a percentage of my crypto portfolio it was small.
Then got back in when the TVL start to rise back up. In his letter to Bloomberg Thursday, Cuban talked about his experience with TITAN. 25 of the transaction volume for swaps between these two tokens.” “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 annualized return of about 206% … in exchange for providing the liquidity both TITAN and Quickswap need for their businesses, I get. In the blog post, the Shark Tank star explained that he was a small liquidity provider (LP) for Quickswap. Some say that the Iron Finance token became popular because of Cuban. He wrote a blog post on June 13 touting the potential of defi innovation and TITAN. That’s why, over the years, Cuban held onto the few digital coins he bought in the early days, Cuban said on a recent episode of The Delphi Podcast. The billionaire investor has been fascinated by defi for quite some time. Crazy part is I got out, thought they were increasing their TVL enough. Responding to a tweet asking whether he “rugged” or “got rugged” on Iron Finance’s token, Cuban wrote: “I got hit like everyone else. 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.
The billionaire owner of the NBA team Dallas Mavericks, Mark Cuban, invested in a token that crashed from about $64 to near zero Wednesday.
Adidas Reveals the Originals NFT Collection With Punks Comics, Gmoney, Bored Apes Cuban Wants Defi and Stablecoin Regulation After Investing in Collapsed Token One segment collapses, they all face risk of collapse.1.5. “Just remember WITH DeFi, as with all derivatives, the RISK NEVER LEAVES THE SYSTEM. Though the billionaire has shown an apparent interest in Aave, he’s also publicly warned DeFi traders that the space faces the same risk of collapse as the traditional derivatives market. In a recent interview, Mike Novogratz, the CEO of crypto investment firm Galaxy Digital, said Aave was one of a handful DeFi assets that he believes could “blow up the world” and replace JP Morgan and the New York Stock Exchange in the future.Ĭuban revealed last month that he’s been a longtime cryptocurrency investor despite his sharp critiques of digital assets in the past. That haul is worth more than $460,000 at time of writing.Ĭuban is not the only high-profile investor to show some interest in the lending platform. Cuban’s initial 450 Aave purchase was worth roughly $128,500.Ĭuban’s wallet address now shows he owns more than 947 Aave, all of which are staked. The wallet revealed Cuban had 450 staked Aave (AAVE), a decentralized lending platform that’s surged nearly 200% in value the past two weeks, according to CoinGecko.
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