Bloomberg Law
June 17, 2021, 2:34 PM

Mark Cuban Traded a DeFi Token That Crashed to Zero (1)

Joe Weisenthal
Joe Weisenthal
Bloomberg News

Here’s a chart you never want to see. It’s of the DeFi Titanium token, which in one day went from being valued around $60 to $0. Even in the world of crypto, where massive drawdowns are commonplace, 100% washouts are pretty rare, especially in such short a time.

The token is/was part of an algorithmic stablecoin project called Iron Finance. Stablecoins are pretty hot these days. Some (like USDT and USDC) maintain a peg to the dollar by holding a basket of dollar-denominated assets. Others (like Dai) are backed by overcollateralized crypto assets. And then there’s this breed of so-called ...

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