{"id":193092,"date":"2021-06-17T12:10:53","date_gmt":"2021-06-17T11:10:53","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=193092"},"modified":"2021-07-18T19:09:52","modified_gmt":"2021-07-18T18:09:52","slug":"titan-falls-nearly-100-in-latest-polygon-defi-exploit","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/titan-falls-nearly-100-in-latest-polygon-defi-exploit\/","title":{"rendered":"TITAN falls nearly 100% in latest Polygon DeFi exploit"},"content":{"rendered":"<p><a href=\"https:\/\/iron.finance\/\"><span style=\"font-weight: 400;\">Iron Finance<\/span><\/a><span style=\"font-weight: 400;\">, a decentralized finance (<\/span><a href=\"https:\/\/cryptoslate.com\/cryptos\/defi\/\"><span style=\"font-weight: 400;\">DeFi<\/span><\/a><span style=\"font-weight: 400;\">) project that started migrating to Polygon network in May, saw its share token Iron Titanium (TITAN) hit the bottom, fast, plummeting over 99% in less than a day.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The Cuban Missile Crisis <a href=\"https:\/\/t.co\/BeOu9x3Amc\">pic.twitter.com\/BeOu9x3Amc<\/a><\/p>\n<p>&mdash; cope-ra kai (@cope_itulate) <a href=\"https:\/\/twitter.com\/cope_itulate\/status\/1405305356914290689?ref_src=twsrc%5Etfw\">June 16, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Iron Finance started to kick off their partially collateralized <\/span><a href=\"https:\/\/cryptoslate.com\/cryptos\/stablecoin\/\"><span style=\"font-weight: 400;\">stablecoin<\/span><\/a><span style=\"font-weight: 400;\"> IRON on the Polygon network and on the <\/span><a href=\"https:\/\/cryptoslate.com\/binance-smart-chain-sounds-alarm-over-well-organized-defi-attacks\/\"><span style=\"font-weight: 400;\">Binance Smart Chain<\/span><\/a><span style=\"font-weight: 400;\">. IRON is soft pegged to the US Dollar and, like other algorithmic stablecoins, stores collateral in order to back the token to 1 USD.<\/span><\/p>\n<h2><strong>Soft peg background\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">IRON\u2019s collateral is based on two tokens, USD Coin (<\/span><a href=\"https:\/\/cryptoslate.com\/coins\/usd-coin\/\"><span style=\"font-weight: 400;\">USDC<\/span><\/a><span style=\"font-weight: 400;\">) and TITAN token on the Polygon blockchain and Binance USD (<\/span><a href=\"https:\/\/cryptoslate.com\/coins\/binance-usd\/\"><span style=\"font-weight: 400;\">BUSD<\/span><\/a><span style=\"font-weight: 400;\">) and STEEL token on the BSC blockchain.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unlike USD Coin and Binance USD, which are fiat-backed stablecoins pegged to the U.S. dollar, algorithmic stablecoins are not uncommon to experience doomsday scenarios.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Iron Finance network enables users to mint new IRON stablecoins by locking up 25% in TITAN and 75% in USD Coin, so as new IRON stablecoins were minted, the demand for TITAN grew and its price went up but when the price of TITAN plummeted the peg became unstable.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Holders offloading their TITAN tokens basically flooded the market with excess tokens (seemingly due to a possible exploit), causing the entire tokenomics system to crash as numerous users tried to withdraw their money at the same time in a fear that the protocol\u2019s doomsday had arrived.<\/span><\/p>\n<h2><strong>Cascade of terror<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">As TITAN began to plummet, the pegged value of IRON followed, triggering the stablecoin\u2019s mechanism that mints TITAN and removes liquidity in an attempt to stabilize IRON to $1, resulting in an arbitrage opportunity in the difference in IRON and TITAN price.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Someone posted this on Telegram <a href=\"https:\/\/t.co\/lQTDPHztA8\">pic.twitter.com\/lQTDPHztA8<\/a><\/p>\n<p>&mdash; Jos\u00e9 Qu\u00e9s (@JoseQues_) <a href=\"https:\/\/twitter.com\/JoseQues_\/status\/1405315890967687175?ref_src=twsrc%5Etfw\">June 17, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Accelerated unloading of TITAN flooded the market with even more tokens and boosted the sell-off panic further, causing an even greater destabilization of the IRON stablecoin price.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Dallas Mavericks owner, <\/span><a href=\"https:\/\/cryptoslate.com\/dallas-mavericks-may-issue-nft-tickets-next-season-mark-cuban-says\/\"><span style=\"font-weight: 400;\">Mark Cuban<\/span><\/a><span style=\"font-weight: 400;\">, was a big bag holder of the share token TITAN and got hit in the bank run as well<\/span>, while some speculate he was the one causing this drama in the first place.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I got hit like everyone else. Crazy part is I got out, thought they were increasing their TVL enough. Than Bam.<\/p>\n<p>&mdash; Mark Cuban (@mcuban) <a href=\"https:\/\/twitter.com\/mcuban\/status\/1405306497257586688?ref_src=twsrc%5Etfw\">June 16, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Iron Finance reacted by offering redemptions in USD Coin but users have to wait 12 hours for a time lock feature to pass before execution as they <\/span><a href=\"https:\/\/twitter.com\/IronFinance\/status\/1405453524436201472\"><span style=\"font-weight: 400;\">called<\/span><\/a><span style=\"font-weight: 400;\"> out\u00a0 \u201cThis project can go places.\u201d\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Iron Finance, a decentralized finance (DeFi) project that started migrating to Polygon network in May, saw its share token Iron Titanium (TITAN) hit the bottom, fast, plummeting over 99% in less than a day. The Cuban Missile Crisis pic.twitter.com\/BeOu9x3Amc &mdash; cope-ra kai (@cope_itulate) June 16, 2021 Iron Finance started to kick off their partially collateralized [&hellip;]<\/p>\n","protected":false},"author":699,"featured_media":193097,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46940,32631,76736],"tags":[76800,76824],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TITAN falls nearly 100% in latest Polygon DeFi exploit<\/title>\n<meta name=\"description\" content=\"Iron Finance&#039;s share token Iron Titanium (TITAN) hit the bottom, fast, plummeting over 98% in less than a day.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/titan-falls-nearly-100-in-latest-polygon-defi-exploit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TITAN falls nearly 100% in latest Polygon DeFi exploit\" \/>\n<meta property=\"og:description\" content=\"Iron Finance&#039;s share token Iron Titanium (TITAN) hit the bottom, fast, plummeting over 98% in less than a day.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/titan-falls-nearly-100-in-latest-polygon-defi-exploit\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-17T11:10:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-18T18:09:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/06\/titan-falls3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ana Grabundzija\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ana Grabundzija\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/titan-falls-nearly-100-in-latest-polygon-defi-exploit\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/titan-falls-nearly-100-in-latest-polygon-defi-exploit\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/#person\",\"name\":\"Ana Grabundzija\",\"url\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/cs-author-ana-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/cs-author-ana-300x300.jpg\",\"caption\":\"Ana Grabundzija\"},\"jobTitle\":\"Journalist\",\"description\":\"Dr. Ana Grabundzija is a Zagreb-bred writer with an academic background in anthropology. 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In her Ph.D., she focused on the diffusion and adoption of new technologies. Her research on the spread of technological innovation in ancient societies led to a modern-day fascination with crypto and it\u2019s real-time evolution. She is currently based in Berlin immersed in the vibrant scenes of both Crypto and Techno.","url":"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/193092"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/699"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=193092"}],"version-history":[{"count":4,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/193092\/revisions"}],"predecessor-version":[{"id":193110,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/193092\/revisions\/193110"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/193097"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=193092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=193092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=193092"},{"taxonomy":"prediction_market_topic","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/prediction_market_topic?post=193092"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=193092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}