Millions of MATIC Sent to Binance, Coinbase
Jump Trading and Cumberland appeared to have sent millions of polygons to crypto exchanges on Friday night, ahead of a nearly 30% drop, according to blockchain data.
Lookonchain said in multiple tweets on Saturday that Cumberland had deposited 9 million MATIC, worth over $6.3 million, to Binance and 5 million MATIC, worth $3.5 million, to Coinbase.
According to the firm, another crypto wallet associated with Cumberland, Jump Trading, and Robinhood deposited a total of $9.4 million to crypto exchanges.
These deposits were most likely sold on crypto exchanges in an illiquid environment, contributing to the sudden price drop in MATIC tokens. Cardano and Solana tokens experienced similar price movements, falling as much as 25% in the last 24 hours.
The tokens were most likely impacted after being accused of being securities in multiple SEC filings against Binance and Coinbase earlier this week.
(With inputs from Shikha Singh)
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