Beware of Altcoin Price: Bought for 250 Million - Coin Bulletin

Hermez Network, an open-source ZK Rollup project, may be selling Polygon (MATIC).

According to blockchain analytics platform Spot On Chain, a wallet associated with the Hermez Network sent a total of 3 million MATIC to the Kraken exchange at $0.95 per unit.

Polygon, an Ethereum-based layer 2 project, acquired the Hermez project in 2021 for MATIC 250 million. The name of the project was updated to Polygon Hermez after this agreement.

According to Spot On Chain, this wallet has received 19.8 million MATIC from Hermez Network over the past month. The wallet still holds 16.8 million MATIC** worth $16.1 million.

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