The cryptocurrency ecosystem can be risky and prone to mutability. This can be verified from what became of the Titan cryptocurrency which was valued at $65 and went down to nothing in twenty-four hours. Amazingly, an expert in the crypto industry; Mark Cuban, was a victim as he incurred losses due to his investment in the crypto. The Maverick Dallas founder and crypto enthusiast confirmed the loss in his tweets. He said he was affected like every other investor when the crypto took a dip to zero value.
Let’s Look At Titan.
Titan is a token created on the decentralized finance Iron protocol. The scheme has Iron which is the stablecoin and is worth $1.The way the scheme functions is that when new Iron stablecoins are minted, the demand for Titan increases and its market value also rises.
Titan went as high as $65 but according to tweets, a rise in the volume of sales turned on the alarm button and investors started selling off. Iron also lost its ability to be used as security for loans, which led to a total crash of the crypto token.
With the crash, numerous investors lost a lot of money. On their official Telegram channel, the group apologized for the Investors’ losses which they attributed to a technical breakdown. They admitted that they were unable to get Iron back to its $1 due to the aforementioned reason.
According to the group, the probability that the scheme will bounce back is there but will be independent of both Iron and Titan. The founder asked their clientele base to halt purchase and keep their money. Numerous customers were displeased with their loss. The probability that a legal action will be taken against them cannot be ruled out.
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