Peter Thiel and Alan Howard

Peter Thiel, Alan Howard Back BitDAO $230M Funding Round

Peter Thiel and Alan Howard

Decentralized tokenization platform BitDAO raised $230 million from legendary tech investors and venture capital firms. Its $230 million private token sale is led by PayPal co-founder Peter Thiel, Thiel-founded Founders Fund, Pantera Capital, and Dragonfly Capital. They are also the early backers of the project.

Other funders include Brevan Howard Asset Management co-founder Alan Howard, Jump Capital, Spartan Group, Fenbushi and Kain Warwick of Synthetix, among 20 other institutions. Singapore-based crypto exchange ByBit has also pledged recurring contributions to BitDAO.

BitDAO focuses on driving multi-chain DeFi growth, offering funding, technical assistance and liquidity support to DeFi projects. It aims to support blockchain technologies through grants — think of Ethereum’s crowdfunding platform Gitcoin— and support existing and emerging projects through token swaps. 

Last month, Peter Thiel participated in the $10 billion funding of a new crypto exchange, Bullish Global, from EOSIO blockchain developer Block.one. 

The BitDAO treasury is becoming one of the largest pools of assets controlled by a DAO, according to BitDAO. 

“We believe BitDAO is going to be one of the most exciting projects in DeFi,” Dragonfly Managing Partner Haseeb Qureshi said in an email to CoinDesk. 

 

Mark Cuban Hit by IRON Finance “Rug Pull”

Billionaire investor and DeFi advocate Mark Cuban gets hit by the “rug pull” incident occurred on DeFi platform IRON Finance. 

IRON Finance has launched a partially collateralized token, $IRON, soft pegged to the U.S. Dollar, available both on the Polygon Network and on the Binance Smart Chain (BSC). IRON uses stablecoin USDC and $TITAN token (on Polygon) as the collateral to maintain the price stability of its algorithmic stablecoin $IRON.

However, the price of $TITAN has recently plummeted over 99% to zero, after reaching its all-time high of $64.19 on Wednesday. At the time of this writing (June 17, 11:08AM, GMT+8), $TITAN is trading at $0.000000015109, according to CoinGecko. The algorithmic stablecoin $IRON is trading at $0.685533. 

lRON Finance has called all token holders to withdraw liquidity from the pools after being hit by a “bank run”. Many believe this is a rug pull, which refers to incidents when founders abandon the project after cashing out.

 In response to the incident, Cuban tweeted: “I got hit like everyone else. Crazy part is I got out, thought they were increasing their [total value locked] enough. Than Bam.” 

In a message to Decrypt’s inquiry, Cuban said: “Live and learn.” 

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