As is well known, the sector of cryptocurrency It is characterized by one volatility which in some moments can be excessive. Such as to entice many investors in search of the thrill, but also to lay the foundations for the ruin of the most unwary.
A feature that has found its practical exemplification in the course of the last few hours. During which fans and investors saw the dream of getting rich thanks to dissolve Titan. The token, in fact, within a few hours saw its price go from $ 65 to 0. It's not a typo: Titan is practically worth nothing and has practically ceased to exist. Involving in the disaster a myriad of small and large investors, including the billionaire Mark Cuban, owner of the Dallas Mavericks. But what happened?
The parable of Titan: from the stars to the stables in a few hours
From $ 65 to zero in a few hours. The protagonist of this memorable exploit, but on the contrary, it was Titan, is a token operating on the Polygon platform, which was awaiting an audit to become part of the transactions of Binance. Linked, at least in terms of purpose, to the partially collateralized multi-chain stablecoin IRON, Titan had reached $ 65 in price on Quickswap on June 16. Also favored by the pump and dump of Mark Cuban, the billionaire known in the sports news as number one of the Dallas Mavericks, the iconic Texas franchise of the National Basketball Association. From that moment, however, he gave birth to one regression without any brakes, until its value is totally zeroed.
What is the cause of the resounding collapse of Titan?
Naturally, with the bowls stopped, many began to wonder what had happened to give life to such a disaster. All the more unexpected considering the speed with which it took shape.
A first reconstruction of the story sees the presence behind the scenes of one whale, i.e. the holder of a large amount of tokens. Who, once Cuban tweeted his support for Titan, making his share soar thanks to the support of his followers, began liquidating its token positions.
A reconstruction which would leave many doubts and, above all, suspicions such as to be able to open a real judicial dispute. Cuban, in fact, claims that he too was hit by the sales chain, ending up overwhelmed. However, someone may soon think that he is the offending trader.
The release of the developers
As for the developers, they in turn said that they will soon issue an official statement on the matter. On the official group of Telegram, however, the message that sanctions the definitive failure of the project. Claiming that it would all be due to the fact that Iron's code was flawed.
A real blame game which, however, resembles the classic spilling of petrol on the fire. And most importantly, it is intended to give strength to the arguments of the many critics of cryptocurrencies. Who could now ask why the defects in the created mechanism were not noticed in time. And if it takes so little to make investors lose money, why should they in turn trust what in this case looks like a sort of Russian roulette?