Polygon Foundation denies MATIC dump on Binance, claims wallets were mislabeled

Bybit
Bybit

Blockchain analytic firm Lookonchain flagged a crypto wallet allegedly belonging to Polygon Foundation that transferred large amounts of Matic tokens on Binance. Polygon Labs founder Sandeep Nailwal refuted the claim and said it was a case of mislabeling and the wallet doesn’t belong to Polygon Foundation.

Lookonchain flagged two wallets “Polygon Foundation: 0x8d36” and “Polygon Foundation: 0xf957” that collectively deposited over $5.5 million worth of MATIC onto Binance over the past 30 days with more than half of the amount deposited over the past two days.

Matic deposited on Binance from Polygon Foundation labeled wallets. Source: Etherscan

Polygon Labs CEO Marc Boiron was the first to flag the issue of mislabelling to which the blockchain analyst responded that the wallets were labeled by another crypto analytic firm, Nansen.

Nansen responded that they go through a rigorous process before labeling such wallets and explained that these two wallets in question had shown strong links to key members of the Polygon.

Related: Polygon’s new open-source L2 chain developer stack to support Ethereum ZK-powered layer 2s

Phemex

The firm cited key instances of interaction by Polygon Labs executives with wallet address 0x8d365687a75dc7688864822869ae0551bb6fc105, where in one instance leads growth at Polygon Sanket had sent ETH to the mentioned address and the same address has received tokens from private rounds Polygon invested in such as Hot Cross.

For the second wallet address: 0xf957fa14ea72a9ecd7bdc06c5be89a5a34c7aa89, Nansen claimed that their “counterparties consist of the previous address 0x8d3 and with other entities that are tied closely with Polygon with the head of Investments being one example. “

However, Nansen concluded that since Polygon Labs’ CEO has publicly refuted the claims about these address’s links to the firm, they are going to remove the label. Boiron thanked Nansen for removing the label and acknowledged that labeling wallets is not an easy task. Polygon didn’t respond to Cointelegraph’s requests for comments at press time.

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1 Comment

  1. Thank you for engaging with our CryptoNews content. It’s important to address concerns and provide clarity. The Polygon Foundation has indeed denied any involvement in the recent MATIC price drop on Binance. They have stated that the wallets associated with the dump were mislabeled, implying that they were not linked to the foundation.

    This development highlights the importance of accurate information and proper labeling in the crypto space. We’ll continue to monitor this situation and provide updates as more information becomes available.

    If you have any further questions or would like to delve deeper into this topic or any other crypto-related subjects, please don’t hesitate to reach out. We’re here to keep you informed about the latest developments in the crypto world.

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