Shark Tank star and crypto guru Mark Cuban learned his crypto investing lesson the hard way after losing $200,000 from a little-known altcoin project that dropped from $60 to zero in one day. For details cryptocoin.com keep reading.
How did the famous billionaire lose from the altcoin project?
Mark Cuban announced that he lost money from a DeFi altcoin trade called Titan, which dropped from $60 to zero in one day. The famous billionaire had previously revealed that he had purchased an altcoin called Titan and experimented with something called yield farming by lending back to the platform, essentially providing liquidity and earning money on interest. Then the token crashed. Mark Cuban said:
In retrospect, I made money as a liquidity provider and lost money as a speculator. I should have done more homework on it.
The DeFi token dropped from $60 to zero in a day after crypto whales abandoned their holdings, causing panic selling. At the time, Mark Cuban tweeted, “I got shot like everyone else,” although he did not reveal the amount. The famous billionaire is estimated to have suffered a net loss of around $200,000 since then.
The billionaire’s conclusion is that investing in a cryptocurrency that has no reason to exist is wrong. When the token crashed, Mark Cuban told Bloomberg it was ‘strong’, referring to a crypto scam called rug pull, but adding that it was his fault for ‘being lazy’:
The thing about games like this is that it’s all about income and account, and I was too lazy to calculate to determine what the key metrics were.
Carpet hauling refers to a type of scam in which a token makers cash out their earnings after launching the crypto project. As the cryptocurrency market rose, so did the number of scams. By one estimate, the carpet pull, mainly related to DeFi tokens, cost investors about $3 billion in 2021.
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