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American billionaire Mark Cuban has moved to Coinbase over $2.5 million worth of MATIC he received from Polygon in 2021.
Billionaire and Shark Tank star Mark Cuban has transferred nearly 3 million MATIC worth more than $2.5 million he originally received from the Polygon Ecosystem Growth initiative to crypto exchange Coinbase, according to data from blockchain monitoring platform Spot On Chain.
šØ American billionaire Mark Cuban (@mcuban) unstaked and deposited 2.82M $MATIC ($2.56M, price: $0.91) to #Coinbase ~6hrs ago.
ā Spot On Chain (@spotonchain) December 26, 2023
Notably, he received 2.5M $MATIC (then $4.25M) from the #Polygon Ecosystem Growth on May 24, 2021, and then staked them to earn more $MATIC.
š Moreā¦ pic.twitter.com/vwQiJZkN3O
While the purpose of the transfer remains unclear, Cubanās investment valued the assets at $4.25 million in May 2021. If sold at the current market price, it would represent a potential 40% loss compared to two years ago. As of press time, Cuban made no public statements on the matter.
Mark Cuban, known as the former majority owner of the Dallas Mavericks NBA team (now minority owner), backed Polygon in May 2021, saying he was using the layer-2 solution āmore and more.ā However, specific details about the size and composition of his investments have not been disclosed.
For all practical purposes, Polygon can (again) be considered an underdog.
ā Mihailo Bjelic (@MihailoBjelic) December 24, 2023
This is where we come from; itās where weāre comfortable and highly motivated.
Iām excited; game on. š«”
The latest move comes just a day after Polygon founder Mihailo Bjelic said in an X post that āfor all practical purposes, Polygon can (again) be considered an underdog.ā As of press time, MATIC is trading at $0.86, lower by 70% from levels last seen in December 2021.