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"Why the crash of crypto token 'titan' that burned Mark Cuban may not foretell a bitcoin plunge"
Primary Source ↗Incident Details
The cryptocurrency “titan” dropped from $65 to $0.000000024 within a few hours, despite being a stablecoin that is supposed to be much less volatile than most cryptocurrencies. As the price began to drop, the smart contract encountered a bug that prevented investors from selling their holdings. Among those burned by the coin’s crash was billionaire investor Mark Cuban, who had blogged about the token only days prior.
Technical Details
- Initial Attack Vector
- Smart contract vulnerability exploit
- Vendor / Product
- Titan stablecoin
Timeline
- 2021-06-16 Breach occurred
- 2021-06-16 Publicly disclosed