Following this transaction, Mark Cuban’s wallet, known as Mark Cuban 3, now only holds 16 MATIC tokens and other crypto assets worth just over $3,000. The price of MATIC experienced a 5% decline in the last hours of the day, falling to $0.89 on the evening of Tuesday, December 26.
In May 2021, Mark Cuban purchased 2.5 million MATIC tokens from Polygon Ecosystem Growth for more than $4 million. However, if he decides to sell his holdings at the current market price, he would face a loss, with total proceeds amounting to only $2.5 million.
This significant withdrawal of assets to the market may be a repercussion of Mark Cuban’s stance on the actions of the US Securities and Exchange Commission (SEC), as MATIC was recently listed as an unregistered security.
Moreover, Mark Cuban has been involved in a legal dispute with Voyager Digital, a failed crypto lender, and the US Commodity Futures Trading Commission (CFTC). The CFTC alleges that Voyager’s collaboration with Cuban’s Dallas Mavericks created a platform that facilitated fraudulent activities targeting inexperienced investors. Towards the end of November, Cuban also agreed to sell a controlling stake in the NBA team, Dallas Mavericks, for $3.5 billion.