Billionaire Mark Cuban takes hit from Titan cryptocurrency crash

Mark Cuban says Bitcoin also fell below key levels overnight, hitting the Titan cryptocurrency, which lost all its value in one day.

Billionaire investor Mark Cuban says it’s “my mistake” not to do his homework with Titan’s cryptocurrency, which dropped from $ 60 to $ 0 a day.

With the Dallas Mavericks Basketball Team Owner Shark tank The host said on Twitter that he had “hit” Titan and was fully responsible for the loss.

Cryptocurrency tokens lost almost all of their value last Wednesday.

Cuba hasn’t revealed how much it lost in the crash, but his investment was “not big enough that I felt it was scattered in every I and needed to cross every T,” he told Bloomberg. It was.

He wants more regulation to “define what a stable coin is.”

Cuba says it didn’t know if the crash was due to “rag pull”. This is basically a cryptocurrency exit scam.

Iron Finance, the team behind Titan, denied this and said, “There is no hacking, exploits, or pulling on the rug.”

Iron Finance said in a statement that Titan’s crash was due to “the world’s first large-scale cryptocurrency run”, and large investors in Titan began selling, prompting further sales. ..

“If people panic and rush to banks to withdraw money in a short period of time, banks can and will collapse,” he said. “I learned a lot from this incident. The current system can’t fix anything, but I’ll continue to travel with more products.”

Experts warn about the dangers of investing in cryptocurrencies like Titan and Bitcoin.

Overnight, Bitcoin fell below $ 30,000 ($ 39,900) for the first time in five months.

China’s central bank said it had summoned officials from the largest creditors to repeatedly ban cryptocurrency services.

China has imposed new restrictions on energy-intensive mining and has repeatedly imposed rules on financial companies regarding the provision of cryptographic services.

Bitcoin appeared to be gaining new fans after El Salvador decided to make Bitcoin legal tender earlier this month. But China’s move has outpaced the positive momentum from that decision.

Bitcoin is down 8% to $ 29,674.25, the lowest since January 28, according to Coin Metrics. Bitcoin has fallen 54% from its peak in mid-April, holding year-to-date profits at 4.4%.

Traders warned that breaks below $ 30,000 could lead to more losses.

“Bitcoin violates a significant level of support and investors think it may be the end of Bitcoin, which could lead to further panic in the market,” said AvaTrade’s chief market analyst. NaeemAslam said in a note on Tuesday.

“But investors need to keep in mind that Bitcoin is a kind of asset that has fought many times with many similar pessimistic views. The current sale is for many investors. It could be an opportunity to load Bitcoin, which is sold at a significantly discounted price, into your portfolio. ”

Cuba said Newsweek “I didn’t dig deep enough to know if something bad was happening,” he said. But I am responsible for not doing math before investing.

“How stable coin and Titan calculations worked was all black and white. From my point of view, it was there — how much needed to add to support Titan and sales What if I exceed the additions? I chose not to do the job.

“I decided it wasn’t worth the time to dig deep enough for me. I took the leaflet. My mistake,” he said.

Place of originBillionaire Mark Cuban takes hit from Titan cryptocurrency crash

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