Polygon Founder Addresses Claims of a $5.9M MATIC Sale by Backer on Binance

Polygon's founder addresses claims that the Polygon Foundation transferred close to $6 million in MATIC to Binance, a layer-2 scaling solution for Ethereum (ETH).

In a recent discussion on social media platform X, Polygon's founder, Sandeep Nailwal, addresses claims about the alleged transfer of nearly $6 million in MATIC by the crypto asset's backer to Binance, the world's top crypto exchange by volume. Nailwal clarifies that the reports were based on mislabeling by Lookonchain, a blockchain data tracker.

"Once again, Lookonchain has mislabeled. This marks the second occurrence of such an oversight. It's essential to approach these reports with caution as they induce unnecessary FUD (fear, uncertainty, and doubt) within our community," Nailwal comments.

Earlier in the week, Lookonchain had noted that two addresses, purportedly connected to the Polygon Foundation, had deposited a collective $5.9 million of MATIC to Binance over the past month.

Marc Boiron, CEO of Polygon Labs, supported Nailwal's statement, emphasizing the error in Lookonchain's data. "This wallet has been mislabeled. It doesn't belong to the Polygon Foundation."

However, Nansen, a blockchain research firm, has pointed out the addresses' connections to the Polygon Foundation based on past transactional data. "Our evidence indicates a strong association of these addresses with individuals and groups within the Polygon Foundation. We had thus labeled them as such. However, following Marc Boiron's public denial, we've chosen to remove these labels as a goodwill gesture."

At the present moment, MATIC is listed at $0.556, noting a slight uptick over the past day.

Sep 08, 2023

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