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Polygon Foundation refutes allegations of MATIC sale on Binance, asserts wallets were incorrectly identified.
Blockchain analytics company Lookonchain identified a cryptocurrency wallet purportedly associated with the Polygon Foundation that transferred significant quantities of Matic tokens on Binance. Sandeep Nailwal, the founder of Polygon Labs, denied this assertion, stating it was a case of misidentification and that the wallet does not belong to the Polygon Foundation.
Once again, incorrect labeling @lookonchain. This is the second occurrence of this issue.
Please exercise caution with these tweets, as they generate unnecessary FUD for the community https://t.co/mVpaIYB9Xt— Sandeep Nailwal | sandeep. polygon (@sandeepnailwal) September 7, 2023
Lookonchain highlighted two wallets labeled “Polygon Foundation: 0x8d36” and “Polygon Foundation: 0xf957,” which together deposited over $5.5 million worth of MATIC onto Binance in the last 30 days, with more than half of that amount deposited in the past two days.
Matic deposited on Binance from wallets labeled as belonging to the Polygon Foundation. Source: Etherscan
Marc Boiron, CEO of Polygon Labs, was the first to raise the issue of mislabeling, to which the blockchain analyst replied that the wallets were labeled by another analytics firm, Nansen.
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Nansen stated that they follow a thorough process before labeling such wallets and clarified that the two wallets in question had demonstrated strong connections to key members of Polygon.
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The firm provided specific examples of interactions involving Polygon Labs executives with wallet address 0x8d365687a75dc7688864822869ae0551bb6fc105, noting that in one instance, Sanket, who leads growth at Polygon, had sent ETH to this address, which has also received tokens from private rounds in which Polygon invested, such as Hot Cross.
Regarding the second wallet address, 0xf957fa14ea72a9ecd7bdc06c5be89a5a34c7aa89, Nansen asserted that their “counterparties include the previous address 0x8d3 and other entities closely associated with Polygon, with the head of Investments being one example.”
However, Nansen concluded that since the CEO of Polygon Labs has publicly denied the claims regarding these addresses’ connections to the firm, they will remove the label. Boiron expressed gratitude to Nansen for the removal of the label and recognized that labeling wallets is a challenging task. Polygon did not respond to Cointelegraph’s requests for comments at the time of publication.
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