Polygon management denies allegations of MATIC dump


Lookonchain analysts noted two addresses allegedly owned by the Polygon Foundation that transferred a total of 10.6 million MATIC tokens (~$5.9 million) to Binance. The founder of Polygon Labs Sandeep Naival denied this information.

According to Naival, the problem lies in the mislabeling of wallets, which is handled by Nansen. He added that this is the second time such confusion has arisen.

In response, Nansen said address marking is a rigorous process that goes through “several stages of research to ensure accuracy.”

According to the analysis, the two wallets mentioned are closely related to the company’s management, including the head of the investment department. One of the addresses also participated in private rounds of buying MATIC.

Following a public rebuttal by Polygon Labs CEO Mark Bouron, Nansen removed the labels “as a goodwill gesture.”

“Why remove the tag if it’s really a Polygon? This is not good will. This is a conspiracy,” one user asked.

The MATIC course reacted slightly to the situation. The asset is showing little volatility, but is holding at $0.55.

Binance 15-minute MATIC/USDT chart. Data: Trading View.

Recall that in June, rumors spread on social networks that the Binance cryptocurrency exchange allegedly sold its bitcoin reserves to protect BNB positions. The head of the trading platform, Changpeng Zhao, denied these rumors, saying that the company still owns the tokens of the collapsed FTX crypto exchange.

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