As of now, the aforementioned wallet, known as Mark Cuban 3, only holds 16 MATIC tokens and other crypto assets worth slightly over $3,000. Consequently, the price of MATIC experienced a drop of 5% towards the end of the day, and on the evening of Tuesday, December 26, it was being traded at $0.89.
Back in May 2021, when the billionaire purchased 2.5 million MATIC tokens from Polygon Ecosystem Growth, he spent over $4 million for them. Considering the current market price, if Mark Cuban decides to sell his holdings immediately, he will face a loss, earning no more than $2.5 million.
It’s possible that such a significant and singular withdrawal of assets onto the spot market is a response to Mark Cuban’s stance on the actions of the US Securities and Exchange Commission (SEC), which has designated MATIC as an unregistered security.
Moreover, Mark Cuban has recently been engaged in legal disputes with the failed crypto lender Voyager Digital, with the US Commodity Futures Trading Commission (CFTC) alleging that Voyager’s collaboration with the billionaire’s Dallas Mavericks created an environment conducive to defrauding inexperienced investors. Towards the end of November, Cuban negotiated an agreement to sell a controlling stake in the NBA team, the Dallas Mavericks, for a staggering $3.5 billion.