The bottom has fallen out of TITAN, part of a "multi-chain partial-collateralized algorithmic stablecoin ecosystem" from Iron Finance. And billionaire DeFi investor Mark Cuban's wallet balance may have fallen with it.

The price of $TITAN fell to zero, prompting Iron Finance to call for all holders to withdraw liquidity from the pools after being hit by what it called a "bank run." Decrypt has reached out to Iron Finance for comment.

Cuban was one of those liquidity providers on QuickSwap, a decentralized exchange. He announced his involvement on June 13, tweeting: "Crypto Businesses make more sense than you think and valuing tokens is easier and makes more sense than you think."

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Three days later, that investment makes less sense.

Iron Finance is behind two coins: $IRON and $TITAN. The former is a form of stablecoin, only instead of it being pegged to the dollar, 1 IRON gets you $0.75 of USDC stablecoin and $0.25 of $TITAN. The reverse is also true: burning $0.25 of TITAN  and sending $0.75 of USDC gets you one IRON.

IRON holders get TITAN as rewards and the returns were good, sending TITAN's price above $60. But the relationship between the two was highly unbalanced, causing the price of TITAN to plummet.

Responding to a suggestion that this was a rug pull—when founders abandon a project after cashing out—Cuban responded: "I got hit like everyone else. Crazy part is I got out, thought they were increasing their [total value locked] enough. Than [sic] Bam."

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Cuban told Decrypt via email: "Live and learn."

This article has been updated.

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