What happened
IRON lost its peg and the mint/redeem loop destroyed TITAN's price. Iron Finance published a post-mortem describing a bank run.
What failed
Partial collateral plus a volatile recapitalisation token can fail in a run even if the contracts keep operating.
Current status
The original product is not a working dollar substitute.
What users should do
- Do not assume every collapsed token was stolen.
Lessons
- A smart contract can execute perfectly and still wipe out users.