What caused the collapse of the TITAN coin to zero?

The digital currency "TITAN" collapsed on Wednesday, after rising from around $60 to nearly zero in a matter of hours. The sales frenzy, which has been attributed to sales driven by whales – people who own large amounts of cryptocurrency – has also destabilized the so-called stablecoin known as “IRON”.
 
TITAN coin collapse
 
The stablecoin is pegged to a reserve asset like the dollar, and the idea is that there is less volatility when investors know they can redeem their digital deposits in exchange for fiat currencies that will likely hold their value.
 
However, IRON proved to be unstable as it is only partially backed (about 75%) by the US dollar and the rest of its value from the TITAN token, and when the price of TITAN collapsed, IRON took a beating as well. Billionaire Mark Cuban was among those who suffered this blow as well.
 
"I got lost like everyone else and the crazy part is that I got out," Cuban said.
 

The situation might have been just market volatility and an arbitrage opportunity for the crypto group, had it not been for the impact of the sharp price swing on the “IRON” smart contract, the code that runs on the “Binance Smart Chain” that governs transactions. Simply put, this smart contract failed as the price got close to zero.
 
“Since the price of TITAN has fallen to 0, the contract does not allow redemptions, we will need to wait 12 hours to pass some time,” Iron Finance, the company behind the partial stablecoin, Iron Finance, said in a statement on Wednesday. Before the stablecoin “USDC” can be redeemed again.”
 
In a post on Medium on Thursday, an anonymous person claimed that the reason for this was that the smart contract token “IRON” [line 149] to redeem the volatile currency (exchange it for another currency) had an “intermittent” value that included a border error:
 
require(_share_price > 0, “Invalid share price”);
 
If true, using the operator ">" (greater than) instead of "> =" (greater than or equal to) means that a value of "TITAN" evaluated as zero (which depends on the numerical precision of the computation) is considered invalid. Valid and will not be refunded. This claim has not yet been verified.
 
Iron Finance does not disclose who runs the company on its website, and the developers behind Iron Finance are not widely known and not publicly listed on its GitHub. Inquiries on the company's Twitter account have not been answered.
 
Some tried to ask about the alleged code bug on Iron Finance's Discord channel, as investors were visibly upset. Gottaad, the channel's active moderator at the time, did not respond to questions but told the affected investors: "Replace your IRON, death threats don't help."
 
In its report on the incident Thursday morning PST, Iron Finance said: "At some points, the price of TITAN became too low, close to zero in fact, causing the redemption contract and redemption transactions to be cancelled."
 
"We've already put transactions on hold to fix this, so people can get a refund again at 5pm UTC," she added.
 
So after a half-day delay, crypto investors who own IRON have, at least in theory, regained the ability to recoup their investment, although they will only get back about $0.75 for every dollar initially invested.
 
“We learned a lot from this incident and while nothing can be fixed in the current system, we will continue our journey with more products in the future,” said Iron Finance.
 
"We must conduct an in-depth analysis of the protocol, for which we will appoint a third party, in order to understand all the circumstances that led to such an outcome."