Blockchain analytics website Lookonchain flagged current transactions of two on-chain addresses allegedly owned by the Polygon Basis. The platform reported that considered one of these pockets addresses had transferred giant quantities of MATIC – the Polygon community’s native token – to Binance previously two days.
In accordance with Lookonchain, the 2 addresses, tagged as “Polygon Basis: 0x8d36” and “Polygon Basis: 0xf957,” have collectively transferred practically $6 million price of MATIC to Binance over the previous month, with greater than half of the quantity deposited onto the trade within the final two days.
Polygon Labs Founder Denies Dumping MATIC Tokens
In an X publish, Polygon Labs founder Sandeep Nailwal swiftly refuted the ideas that the Polygon Basis could also be dumping MATIC tokens on Binance. The founder asserted it was “one other” case of incorrectly labeling pockets addresses.
Nailwal emphasised the necessity to train warning earlier than publishing claims of this nature, as they will create FUD (worry, uncertainty, and doubt) within the crypto group.
For context, FUD refers back to the unfold of unfavorable – and typically false – details about a cryptocurrency or the overall market to create worry and doubt amongst buyers and doubtlessly affect costs.
It’s price mentioning that the founder’s claims align with the phrases of Polygon Labs CEO Marc Boiron, who was the primary to lift this subject of pockets mislabeling. Boiron had additionally insisted that the Polygon Basis controls not one of the addresses.
In response to Boiron, Lookonchain acknowledged that the crypto intelligence platform Nansen carried out the handle labeling.
Pockets Addresses Are Strongly Linked To Polygon Basis, Nansen Reiterates
Nansen responded to the scenario, explaining why the 2 wallets had been linked to the Polygon Basis. In the meantime, the analytics agency put in a sturdy protection for its handle labeling system, claiming that each label undergoes a “rigorous documentation course of.”
Going additional in its rationalization, Nansen cited some cases the place distinguished figures at Polygon Labs interacted with the “Polygon Basis: 0x8d36” handle. In a single instance, Polygon’s head of development, Sanket Shah, reportedly despatched ETH to the handle for “gasoline functions.”
For the second handle, “Polygon Basis: 0xf957”, Nansen mentioned its counterparties consist of the primary handle and different entities intently related to Polygon, together with the top of investments, Shreyansh Singh.
Nansen concluded that:
The proof for each of those addresses reveals a really robust hyperlink to numerous people and entities of the Polygon Basis, and that’s why we labeled these addresses as a part of the Polygon Basis.
Regardless of this, Nansen claims to have eliminated the labels “as a gesture of goodwill” because the Polygon Labs CEO overtly denied hyperlinks to the 2 addresses.
MATIC Value continues to consolidate on the day by day timeframe | Supply: MATICUSDT chart on TradingView
Featured picture from Forbes, chart from TradingView