What’s the reality behind the accusations that the Polygon Foundation, the brain behind the Ethereum ETH layer 2 scaling solution, dumped almost $6 million worth of cryptocurrency on Binance? Sandeep Nailwal, the founder of Polygon (MATIC), responds to these allegations in a recent social media thread.
Allegations and Rebuttals
Reports had surfaced that the backer of the crypto asset Polygon was indiscriminately selling off MATIC on Binance, the world’s leading crypto exchange platform. However, Nailwal has refuted these allegations, stating that the labelling of their wallets by Lookonchain was incorrect. He further adds that this isn’t the first instance of such a mistake by Lookonchain, leading to unnecessary fear, uncertainty, and doubt (FUD) within the community.
Addressing the Issue
Earlier, blockchain data tracker Lookonchain had reported that two addresses, allegedly linked to the Polygon Foundation, had deposited a combined $5.9 million worth of MATIC to Binance over the last month. Marc Boiron, CEO of Polygon Labs, also echoed Nailwal’s sentiments, stating that Lookonchain had mislabelled the wallet and it didn’t belong to the Polygon Foundation.
Investigation and Findings
However, blockchain research firm Nansen begs to differ. According to their data from previous transactions, the addresses were indeed linked to the Polygon Foundation. Despite this, as a goodwill gesture, they have removed the labels after Boiron’s public announcement that the address was not theirs.
At the time of writing, MATIC is trading at $0.556, showing a slight increase in the last 24 hours.
For those interested in keeping an eye on the latest developments and trends in the crypto world, the cryptoview.io application could prove to be an invaluable resource. This platform allows you to track and analyze your crypto assets, giving you insights that could potentially lead to more informed investment decisions.
Discover More with cryptoview.io
