Billionaire Mark Cuban hit by Iron Titanium coin crash

Mark Cuban

Billionaire investor Mark Cuban of Shark Tank fame was hit after the cryptocurrency token Iron Titanium crashed to zero dollars following a panic selloff from a high of over $64 within hours.

"I got hit like everyone else. Crazy part is I got out, thought they were increasing their TVL enough. Than Bam," Cuban tweeted.

Cuban had revealed his investment in Iron Titanium coins earlier this week in his blog post, displaying his enthusiasm for it and for QuickSwap. "I provide 2 different tokens (DAI/TITAN) that enable QuikSwap to offer swaps between these two tokens," he said.

However, TITAN crashed after large investors started dumping their holdings, which was followed by panic-selling among small investors, too, leading to an excess of coins that hammered its price. By 726 pm ET, the tokens were worth just a cent, Fortune reported.

While Cuban didn't reveal the value of his investment, he told Bloomberg that as a percentage of his cryptocurrency portfolio, his investment was small.

"But in a larger context, it is no different than the risks I take (in) angel investing. In any new industry, there are risks I take on with the goal of not just trying to make money but also to learn. Even though I got rugged on this, it's really on me for being lazy," he told the publication.

Also read: 'Big Short' investor Michael Burry warns of losses 'the size of countries' if cryptocurrencies, meme stocks fall

He further added that DeFi (decentralized finance) was about "revenue and math" and he was "too lazy to do the math to determine what the key metrics were".

Cuban had earlier said he had invested in over 10 blockchain startups and was bullish on the future of cryptocurrencies. His crypto portfolio comprises 60 percent Bitcoin, 30 percent Ethereum, with other coins accounting for the rest. He sees Bitcoin as a store of value rather than a currency and said it was a better alternative to gold.