Billionaire Mark Cuban's Wallet Dumps MATIC Tokens

Mark Cuban, a well-known billionaire and owner of the NBA's Dallas Mavericks, has made headlines once again in the cryptocurrency world. According to data from the Spot On Chain observer, a wallet linked to Mark Cuban sent a total of 2.826 million MATIC tokens to Coinbase, a popular cryptocurrency exchange. The tokens were sold at an average price of $0.91 each. As a result, Mark Cuban's wallet, named Mark Cuban 3, now holds only 16 MATIC tokens and other crypto assets valued at just over $3,000. This massive token sale caused a 5% drop in MATIC's price within a few hours, and it is currently trading at $0.89 as of Tuesday, December 26th.

Back in May 2021, when Cuban purchased 2.5 million MATIC tokens from Polygon Ecosystem Growth, they were worth more than $4 million. If he decides to sell his remaining tokens at the current price, it would result in a loss, with earnings of no more than $2.5 million.

This large-scale withdrawal of assets to the spot market may be linked to Mark Cuban's stance on the actions of the U.S. Securities and Exchange Commission (SEC), which has classified MATIC as an unregistered security. Cuban has been involved in legal disputes with the U.S. Commodity Futures Trading Commission (CFTC) regarding his dealings with bankrupt crypto lender Voyager Digital. The CFTC alleged that the collaboration between the billionaire and Voyager created an environment conducive to deceiving inexperienced investors. In late November, Cuban reached an agreement to sell a controlling stake in the NBA's Dallas Mavericks for $3.5 billion.