IRON Finance (TITAN) stablecoin protocol users must withdraw their cryptocurrency from the project’s liquidity pools. About this developers wrote on my Twitter page. The details of the incident remain unknown, but the developers have promised to share the “obituary” of the project a little later.
Dear community, please withdraw liquidity from all pools.
We will share a post-mortem as soon as we have a better understanding of this bank run.
USDC collateral is available for redemption as normal:https://t.co/tOacyNUVeL
Iron Finance Team pic.twitter.com/I9BAZReLHk
— IRON Finance (@IronFinance) June 17, 2021
The price of the native token of the TITAN project fell by 100% to $ 0.000000043339. At the same time, on June 16, it cost almost $ 64.
The volume of token trade fell from almost $ 63 million to $ 415 thousand. According to users, the cause of the incident was a failure in the TITAN token generation contract. At the moment, the total supply of TITAN soared above 500 billion TITAN, despite the fact that according to the project plan the emission should not exceed 1 billion TITAN.
The developers themselves on the site stated that neither a hacker attack nor a protocol exploit was the cause of the incident.
Source: polygon.iron.finance
The incident around IRON Finance also affected the Polygon ecosystem, on which the project is deployed. The price of the native token polygon (MATIC) at the time of writing has dipped by 4.2% to $ 1.55.
The capitalization of the ecosystem fell to $ 9.7 billion. The fall of Polygon comes after a dizzying growth. The price of the token soared 40% to $ 2.27 after it became known about the investment in the project from the billionaire Mark Cuban. According to Cuban himself, he is a Polygon user and uses the project “more and more often.” However, exactly how much the American billionaire invested remains unknown to this day.
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