Mark Cuban victim of a “Rug Pull”

Mark Cuban Rug pull titan coin

On Wednesday, June 16, 2021, the TITAN Coin cryptocurrency plummeted in value, from initially as much as over $60 to just over $0 within a 24-hour period. One of the early investors was Mark Cuban, among others, who lost over $500,000 due to such a steep fall. The creators of this cryptocurrency claim that the fraud did not take place. How is it really and what is Mark Cuban’s attitude to the whole situation?

Mark Cuban – a well-known American investor

The TITAN Coin cryptocurrency, belonging to IRON Finance, and in fact its crash, gained so much interest partly because Mark Cuban invested in it. He is a well-known public personality and also a well-known investor, not only in the cryptocurrency market. Mark Cuban is an American billionaire (his fortune is estimated to be as high as $4.4 billion!), famous, among other things, for being a juror in the show Shark Tank. He is also the owner of the NBA team Dallas Mavericks.

Mark Cuban, who previously encouraged the purchase of TITAN Coin token, in his post posted on Twitter, admitted that he “didn’t do enough research before deciding to invest in TITAN Coin” and also that he “lost the money put into this investment”. The investor also reported that he “is not sure if the sharp decline is related to the lack of liquidity or the Rug Pull scam.”

What really is a “Rug Pull”?

Most experts in the industry suspect that the nearly 100% drop in the TITAN token is related to a scam, however. So what is the so-called “Rug Pull”? It is a term closely related to the DeFi area, which is the area of decentralized finance. “Rug Pull” literally means “to pull the rug out”, and this is how it can also be associated. This is because it denotes a situation where the creators of a cryptocurrency put it up for sale on a decentralized exchange, and after raising enough funds, they abandon the project and confiscate the funds paid by investors. 

Is TITAN Coin’s decline in value a “Rug Pull?”

For the time being, we are not completely convinced of this. The creators of TITAN Coin claim that it is a liquidity problem with this token. On the official IRON Finance website, there is a message that says to “not buy TITAN Coin any IRON Coin”. The message also states that no fraud has taken place. 

In a statement released by IRON Finance on Thursday, the company claims that the TITAN Coin meltdown was caused by “the world’s first serial cryptocurrency sale,” in which large investors in TITAN Coin began selling it, causing a lack of liquidity across the ecosystem.

Despite this announcement, however, Mark Cuban does not rule out becoming a victim of a “Rug Pull” attack.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this post

Share on facebook
Share on google
Share on twitter
Share on linkedin
Share on pinterest
Share on print
Share on email

Crypto licenses revoked in Estonia, says AML chief

Estonia, a country until now known as one of the friendliest countries in terms of regulations for crypto entrepreneurs, is planning to revoke the crypto operating licenses granted so far. At least that’s according to Matis Mäeker, the recently appointed head of the

Read More »
Binance ends over-the-counter Chinese yuan trading in China

Binance ends over-the-counter Chinese yuan trading in China

For years, China has been consistent in its crackdown on cryptocurrencies. This move in 2017 affected cryptocurrency exchanges, including the world’s largest exchange, Binance, which had to end its crypto-related activities in mainland China. However, they still allowed trading in the Chinese currency,

Read More »
Edward Snowden calls CBDCs perversion of cryptocurrencies

Edward Snowden calls CBDCs perversion of cryptocurrencies

CBDC represents a very special segment of blockchain technology. At its inception, it attracted positive sentiment. However, this has changed significantly over time, to the point where central bank digital currencies have been called cryptocurrencies by Edward Snowden. An unforgiving opinion Edward Snowden

Read More »

Top Stories