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Crypto Trading Firm’s $9.8M Polygon Token Transfer to Coinbase and Binance Causes MATIC Price Plunge

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Cumberland, Chicago-based Crypto Trading Firm, Transfers $9.8M Worth of MATIC to Binance and Coinbase

Cumberland Transfers 9 Million MATIC Tokens Worth $6.3M to Binance and 5 Million MATIC Tokens Worth $3.5M to Coinbase within 7 Hours, Reveals Lookonchain Data.

Cumberland Executes Six Small MATIC Token Transactions, Ranging from 1.5M to 2M, Amid Rising Whale and Institutional Transfers, Indicating a Possible Dumping Trend.

As Cumberland Transfers MATIC to Coinbase and Binance, Another Whale Makes a 9.4 Million MATIC Deposit, Fueling Exchange Activity

MATIC tanking

Whale Alert Reports Massive Transfer of 46,908,173 MATIC Tokens Worth $32.6M from Binance US to Unknown Wallet, Deepening MATIC Market Uncertainty.

As these entities flood exchanges with MATIC tokens, the timing aligns with a substantial downturn in the token’s price. Over this period, MATIC experienced a staggering decline of around 29%, largely attributed to the immense selling pressure exerted by the deposited tokens.

According to CoinGecko data, the coin commenced trading at $0.7882 but concluded the period with a value of $0.5583. The crypto sector has been in a state of turmoil, and numerous observers attribute this to the recent crackdown by the U.S. Securities and Exchange Commission (SEC) on major platforms like Binance and Coinbase. The regulatory actions have created ripples of uncertainty throughout the industry.

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In a series of lawsuits, the regulatory authority, the U.S. Securities and Exchange Commission (SEC), has filed charges against Binance and its founder Changpeng Zhao (CZ), alleging violations of securities regulations and misleading investors. Simultaneously, the SEC has declared Coinbase as an illegal exchange, intensifying the legal scrutiny surrounding both platforms. These actions by the SEC have cast a shadow of doubt on the compliance practices and operations of these prominent cryptocurrency exchanges.

In addition, the U.S. Securities and Exchange Commission (SEC) has raised concerns about several cryptocurrencies, such as MATIC, Solana (SOL), and Cardano (ADA), categorizing them as unregistered securities. By highlighting these digital assets, the SEC has further intensified the regulatory scrutiny surrounding their compliance with securities laws. This development has added to the growing uncertainty and potential impact on the market dynamics of these particular cryptocurrencies.

Also Read: SEC Crackdown Prompts $4B Deposit Exodus from Binance, Coinbase, and Binance.US

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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