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<p class="is-style-lead">Chicago-based crypto trading firm, Cumberland, is moving millions worth of Polygon’s native cryptocurrency, MATIC, to Binance and Coinbase. As of June 10, the trading firm had moved $9.8 million MATIC to the two leading cryptocurrency exchanges.</p>



<h2 class="wp-block-heading" id="cumberland-moving-millions-worth-of-polygon-tokens">Cumberland moving millions worth of polygon tokens</h2>



<p>According to the web3 data analysis platform, Lookonchain, Cumberland shifted 9 million MATIC tokens valued at $6.3 million into Binance and another 5 million worth an estimated $3.5 million into Coinbase over 7 hours.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Over the past 16 hours, <a href="https://twitter.com/hashtag/Cumberland?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Cumberland</a> has deposited 9M <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$MATIC</a> ($6.3M) into <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Binance</a> and 5M <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$MATIC</a> ($3.5M) into <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Coinbase</a>.<br><br>A total of 14M <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$MATIC</a> ($9.8M) was deposited to exchanges. <br><br>And the price of <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$MATIC</a> dropped by ~29%.<a href="https://t.co/9wKI6alh2s" target="_blank">https://t.co/9wKI6alh2s</a> <a href="https://t.co/P4NkUZ3Zgy" target="_blank">pic.twitter.com/P4NkUZ3Zgy</a></p>&mdash; Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1667402740920905728?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 10, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Cumberland transferred the funds in six small transactions ranging between 1.5 million and 2 million MATIC.</p>



<p>The crypto trading company’s move comes amid significant transfers of MATIC tokens, pointing to a potential dumping trend by <a href="https://crypto.news/whales-move-13-67m-matic-tokens-to-binance-price-drops-2-2/">whales</a> and institutions.</p>



<p>When Cumberland moved its MATIC holdings into Coinbase and Binance, another whale reportedly deposited 9.4 million MATIC into the two exchanges.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Another whale related to <a href="https://twitter.com/hashtag/Robinhood?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Robinhood</a>, Jump Trading, and <a href="https://twitter.com/hashtag/Cumberland?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Cumberland</a> deposited 9.4M <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$MATIC</a> to exchanges in the past 15 hours.<br><br>Seems like whales/institutions are dumping <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$MATIC</a>!<a href="https://t.co/yqoxOYkwvw" target="_blank">https://t.co/yqoxOYkwvw</a> <a href="https://t.co/OCTGrXs3Iz" target="_blank">pic.twitter.com/OCTGrXs3Iz</a></p>&mdash; Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1667416532283162625?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 10, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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        <a href="https://crypto.news/whale-withdraws-almost-62m-worth-of-matic-from-binanceus/">
            Whale withdraws almost $62m worth of MATIC from BinanceUS        </a>
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<h2 class="wp-block-heading" id="strong-matic-tanking-strong"><strong>MATIC tanking</strong></h2>



<p>Further exacerbating the already concerning situation, Whale Alert, a popular crypto transaction tracking service, has reported a substantial transfer of 46,908,173 MATIC tokens, equivalent to approximately $32,595,499, from <a href="https://www.theguardian.com/business/2023/jun/09/binanceus-prepares-to-suspend-us-dollar-deposits-and-withdrawals-from-exchange" target="_blank" rel="noopener">Binance US</a> to an unknown wallet. </p>



<p>It further adds to the uncertainty surrounding MATIC&#8217;s market <a href="https://crypto.news/matic-sees-more-than-80-decline-in-transaction-volume/">dynamics</a> and the actions of influential holders.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">🚨 🚨  46,908,173 <a href="https://twitter.com/hashtag/MATIC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#MATIC</a> (32,595,499 USD) transferred from <a href="https://twitter.com/hashtag/BinanceUS?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#BinanceUS</a> to unknown wallet<a href="https://t.co/VMahfxIkVS" target="_blank">https://t.co/VMahfxIkVS</a></p>&mdash; Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1667369470241718273?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 10, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>The influx of MATIC tokens onto exchanges by these entities has coincided with a significant decline in the token&#8217;s price.&nbsp;</p>



<p>Within the period, the value of MATIC plummeted by approximately 29%, primarily due to the considerable selling pressure generated by these deposited tokens.&nbsp;</p>



<p>The coin initially traded at $0.7882 but ended the period exchanging hands for $0.5583, per <a href="https://www.coingecko.com/en/coins/polygon" target="_blank" rel="noopener">data</a> from CoinGecko.</p>



<p>Many observers have blamed the ongoing upheavals in the crypto sector on the U.S. Securities and Exchange Commission’s (SEC) recent <a href="https://www.reuters.com/business/finance/us-sec-coinbase-binance-crackdown-puts-crypto-exchanges-notice-2023-06-08/" target="_blank" rel="noopener">crackdown</a> on Binance and Coinbase.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe title="Unpacking the SEC&#039;s Charges Against Coinbase &amp; Binance with Joe Carlasare" width="1020" height="574" src="https://www.youtube.com/embed/-VwLUg17g8g?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>The regulator launched lawsuits against the two exchanges, in which it accused Binance and its founder <a href="https://crypto.news/binance-ceo-comments-on-rumors-behind-crypto-market-volatility/">Changpeng Zhao</a> (CZ), of breaking securities rules and misleading investors. The SEC claims Coinbase is an illegal exchange.</p>



<p>The SEC also flagged several cryptocurrencies, including MATIC, Solana (SOL), and Cardano (ADA), as unregistered securities.</p>




    <p>
        Read more:

        <a href="https://crypto.news/robinhood-to-cut-support-for-cardano-polygon-and-solana/">
            Robinhood to cut support for Cardano, Polygon, and Solana        </a>
    </p>

Crypto trading firm moves $9.8m of polygon tokens to Coinbase, Binance, MATIC price tanking

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