THELOGICALINDIAN - No one is allowed to bad decisions back it comes to crypto advance and Mark Cuban is an archetype of that The billionaire afresh appear that he too had fabricated a grave advance aberration that had amount him a lot of money Cuban opened up to the New York Times in a contempo address about how a abridgement of analysis had led him to lose a lot of money on a new cryptocurrency
Mark Cuban Loses $200K
The TITAN badge was a decentralized accounts (DeFi) badge that fabricated after-effects in the amplitude mid aftermost year. At this time, there was not a lot accepted about DeFi projects, and investors were cloudburst banknote into the amplitude acquisitive for quick and aerial returns. One of the means investors fabricated money was through accouterment clamminess for a accurate token, which Cuban did. But additionally advance anon in the tokens themselves.
Related Reading | Hollywood Star Gwyneth Paltrow Joins The BAYC
Cuban had pushed the badge and had in about-face invested in the token. He accepted to the NYT that while he fabricated money as a clamminess provider, he eventually absent out on a lot of money as an investor. An adverse bearings which he attributed to his abridgement of able research. “I fabricated money as a clamminess provider and absent money as a speculator,” Cuban revealed. “I should accept done added appointment on it.”
He explained that he had become complicit and had bootless to do due activity such as attractive at the acquirement and accomplishing the math. “The affair about de fi plays like this is that it’s all about acquirement and math, and I was too apathetic to do the algebraic to actuate what the key metrics were,” Cuban told Bloomberg.
In the end, Cuban had absent about $200,000 back the activity failed.
Rise And Fall Of TITAN
Rugs pulls are no best a atypical abstraction and that is absolutely what happened with the TITAN project. Rug pulls are a broadly advance betray in the DeFi amplitude admitting the creators of a badge dump a ample allocation of the accumulation on its holders, authoritative off with the gain and abrogation investors with abandoned bags. In its prime, it was one of the hottest DeFi tokens as investors rushed to bolt the alternation of profits that they were witnessing.
Related Reading | Crypto Money Laundering Booms 30% in 2021
With abetment from arresting abstracts like Mark Cuban, the badge had developed so abundant that it hit $60 apiece at one point in time. This would prove to be the alpha of the end as creators of the TITAN cryptocurrency had ‘rugged’ the activity not continued after.
Cuban had absent a lot of money alongside added investors that were larboard captivation the TITAN tokens. The amount had comatose to $0 afterward agitation affairs from the investors.
