In a blog post four days ago, Iron Finance blamed the start of the avalanche on "some whales" removing liquidity.
"We never thought it would happen, but it just did," the company said.
"We just experienced the world's first large-scale crypto bank run."
It has been a tough few days for cryptocurrencies.
Stable coins, at least partially backed by some national currency, are supposed to be less volatile. That is their primary attraction. The demise of Titan coin highlights how large investors in illiquid markets can have outsized effects. This exact same process has been playing out in Frontier markets for years, it just that everything happens quicker in cryptos.Click HERE to subscribe to Fuller Treacy Money Back to top