TITAN which is a defi project owned by Iron Finance and run on the Polygon network on May 18 has received a lot of attention and expect that this project has incredible potential.
The project is trying to take stablecoin part of the collateral known as IRON. Stablecoin is a cryptocurrency based on the official currency of the government. Thus under Iron Finance there are two cryptocurrencies, namely IRON and TITAN.
Crypto IRON, which has guaranteed support from TITAN, allows users to redeem crypto IRON through certain mechanisms and indirectly increases the demand for TITAN. This is what happened recently.
The price of TITAN jumped from $ 8.65 to $ 64 between June 10 and June 16. Then the onset of early sales caused the price to drop to $ 38 before rising to $ 50 per unit.
It didn’t stop there, the whale group continued to sell until the bank ran and sparked a panic sale among the owners. Eventually the price of TITAN dropped to $ 0.
TITAN/USD price chart
Mark Cuban who is one of the billionaires and hardcore crypto supporters is among those who are said to be the victims of this ‘rug pull’. Cuban had previously revealed that he had donated $ 75,000.
I got hit like everyone else. Crazy part is I got out, thought they were increasing their TVL enough. Than Bam.
- Mark Cuban (@mcuban) June 16, 2021
But unfortunately it didn’t smell, the project was exploited and resulted in the loss of millions of dollars.
