Even billionaire Mark Cuban is feeling the heat of the crypto crash

Even in the risky world of cryptocurrencies, issues hardly ever go south as quick as they did with the Titan token.

Wednesday afternoon, the cryptocurrency was buying and selling for $65. As of 11 A.M. ET at this time, it was going for $0.000000024, according to Slingshot, a value tracker.

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Among the individuals who felt these losses was Mark Cuban, billionaire investor, crypto enthusiast, and Dallas Mavericks proprietor. Cuban, who talked up the decentralized finance undertaking in a blog post four days ago, says he was impacted by the crash, however didn’t say by how a lot.

https://twitter.com/mcuban/standing/1405306497257586688

Cuban, although, might have been a contributor to the Titan token’s explosive good points.

His blog post was keen about the crypto coin and one other, QuickSwap. The piece concluded with,“As lengthy as I maintain making an excellent return, I’ll maintain my cash invested.” It’s an enormous about-face for Cuban, who, in 2017, called cryptocurrency a “bubble”.

Many crypto buyers comply with the lead of crypto-friendly billionaires’ feedback—and that would have contributed to the surge. At the begin of June 13, the day of Cubans’ weblog publish, Titan was buying and selling at $29. Three days later, it hit its peak.

The crash got here as buyers bought off their holdings, and others adopted their lead. That flooded the market with extra tokens and huge buyers started to dump the crypto. By 7:26 p.m. ET, the tokens had been value only one cent.

While Cuban didn’t put a greenback worth on his losses, he did inform Bloomberg that it was sufficient of successful to trigger some frustration.

“As a share of my crypto portfolio it was small. But it was sufficient that I wasn’t blissful about it,” Cuban mentioned. “But in a bigger context it is no completely different than the dangers I take [in] angel investing. In any new business, there are dangers I tackle with the purpose of not simply making an attempt to earn money but in addition to study. Even although I received rugged on this, it is actually on me for being lazy.”

“The factor about DeFi”—so-called decentralized finance—”performs like this,” Cuban continued, “is that it’s all about income and math and I used to be too lazy to do the math to find out what the key metrics had been.”

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This story was initially featured on Fortune.com

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