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

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Blockchain analytic agency Lookonchain flagged a crypto pockets allegedly belonging to the Polygon Basis that transferred giant quantities of MATIC (MATIC) tokens on Binance. Polygon Labs founder Sandeep Nailwal refuted the declare and stated it was a case of mislabeling and that the pockets doesn’t belong to the Polygon Basis.

Lookonchain flagged two wallets, “Polygon Basis: 0x8d36” and “Polygon Basis: 0xf957,” that collectively deposited over $5.5 million value of MATIC onto Binance over the previous 30 days, with greater than half of the quantity deposited over the previous two days.

MATIC deposited on Binance from the Polygon Basis-labeled wallets. Supply: Etherscan

Polygon Labs CEO Marc Boiron was the primary to flag the problem of mislabelling, to which the blockchain analyst responded that the wallets have been labeled by one other crypto analytic agency, Nansen.

Nansen responded that it goes by means of a rigorous course of earlier than labeling such wallets and defined that these two wallets in query had proven robust hyperlinks to key members of the Polygon Basis.

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The agency cited key cases of interplay by Polygon Labs executives with the pockets tackle 0x8d365687a75dc7688864822869ae0551bb6fc105, the place, in a single occasion, Polygon head of progress Sanket Shah had despatched Ether (ETH) to the talked about tackle, and the identical tackle has obtained tokens from non-public rounds Polygon invested in, resembling Sizzling Cross.

For the second pockets tackle, 0xf957fa14ea72a9ecd7bdc06c5be89a5a34c7aa89, Nansen claimed that its “counterparties include the earlier tackle 0x8d3 and with different entities which are tied intently with Polygon with the top of Investments being one instance.”

Nevertheless, Nansen concluded that since Polygon Labs’ CEO has publicly refuted the claims about these tackle hyperlinks to the agency, they will take away the label. Boiron thanked Nansen for eradicating the label and acknowledged that labeling wallets isn’t a straightforward process. Polygon didn’t reply to Cointelegraph’s requests for feedback on the time of publication.

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