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Billionaire investor and Shark Tank star Mark Cuban has called for cryptocurrency regulation focusing on decentralized finance (defi) and stablecoins after a token he invested in collapsed from $64 to near zero.

The billionaire owner of the NBA team Dallas Mavericks, Mark Cuban, invested in a token that crashed from about $64 to near zero Wednesday. Iron Finance called the collapse of its iron titanium token (TITAN) “the world’s first large-scale crypto bank run.” The price of the token is $0.000000029585 at the time of writing.

Responding to a tweet asking whether he “rugged” or “got rugged” on Iron Finance’s token, Cuban wrote: “I got hit like everyone else. Crazy part is I got out, thought they were increasing their TVL [Total Value Locked] enough. Then bam.”

Articles on the matter:
https://news.bitcoin.com/mark-cuban-iron-finance-token-crash-defi-regulation/

https://www.bloomberg.com/news/articles/2021-06-17/mark-cuban-defi-iron-finance-crashed-100

https://cointelegraph.com/news/mark-cuban-calls-for-stablecoin-regulation-in-wake-of-iron-finance-bank-run

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