Timeline of the Decline
June 16, 2021
$64.04
All-Time High - Peak euphoria
June 16, 2021
$30.00
Large whale sells triggering panic
June 17, 2021
$0.000001
Bank run and algorithmic death spiral
Current
$0.0
Post-collapse trading
What Went Wrong
-
Algorithmic Stablecoin Failure
IRON was partially backed by TITAN tokens. When TITAN price dropped, the algorithm printed more TITAN to maintain the peg, causing hyperinflation.
-
Whale Panic Selling
Large holders began selling TITAN, triggering the death spiral. Even Mark Cuban lost funds in this collapse.
-
Code Vulnerability
The redemption mechanism had no rate limiting, allowing infinite TITAN minting during the death spiral.