Titan token has dropped from $60 to zero in the last 24 hours. This happened because of the bank run. In their Twitter account, the developers recommended that users withdraw all funds. So far, project representatives do not comment on the reason for such a decision.
LATOKEN experts want to figure out what is wrong with this token and why the collapse happened.
Titan is the token of the Iron Finance project. It was used to provide value for the IRON stablecoin. Users could deposit 25% in Titan and 75% in USDC to issue new IRONs.
The total planned emission of TITAN token was 1 billion — community (70%) and team/treasury (30%).
Due to the sharp pullback in the value of Titan from $65 to $60, large players began to sell their coins. That made an additional impact on their rate.
At a certain stage, the blocked funds in the Iron Finance protocol amounted to more than $2 billion. Since then, the figure has dropped to about $230,7 million.
The opinion of the crypto community participants was divided: some believe that the project has been hacked, while others suspect it of an exit scam. Some experts also believe that Titan is a real token and has a legitimately registered company with developers working on this token project. Everything has just happened due to the tokenomics of the project.
The developers promised to disclose the reasons for what really happened later, but for now, they offered users a refund in USDC after the twelve-hour blocking ended.
Interesting is the fact that billionaire Mark Cuban was one of the victims of this incident. He was involved in providing liquidity for the project on QuickSwap. In response to speculation about the Iron Finance scam, he replied that he “got hit like everyone else.”
Previously, Cuban warned that he could withdraw his funds at any time and noted the high risks of this way of earning.
We want to remind you that over the past couple of months, several DeFi projects have been exposed to hacker attacks and crypto scams, or their users have been deceived. Along with the cryptocurrency market’s growth, new schemes for stealing funds and user data appear. You must be very careful with email, notifications, new apps, and investing. That’s how it’s possible to protect yourself from crypto scams.
LATOKEN thinks about its users and does their best to save them from shitcoins. LATOKEN doesn’t support such projects and different crypto scams.
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LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.
