Blockchain analytics web site Lookonchain flagged latest transactions of two on-chain addresses allegedly owned by the Polygon Basis. The platform reported that one in all these pockets addresses had transferred massive quantities of MATIC – the Polygon community’s native token – to Binance up to now two days.

Based on Lookonchain, the 2 addresses, tagged as  “Polygon Basis: 0x8d36” and “Polygon Basis: 0xf957,” have collectively transferred practically $6 million value of MATIC to Binance over the previous month, with greater than half of the quantity deposited onto the alternate within the final two days.

Polygon Labs Founder Denies Dumping MATIC Tokens

In an X post, Polygon Labs founder Sandeep Nailwal swiftly refuted the recommendations 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’ll create FUD (worry, uncertainty, and doubt) within the crypto neighborhood.

For context, FUD refers back to the unfold of adverse – and typically false – details about a cryptocurrency or the final market to create worry and doubt amongst buyers and doubtlessly affect costs. 

It’s value mentioning that the founder’s claims align with the words of Polygon Labs CEO Marc Boiron, who was the primary to boost this difficulty 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 tackle labeling.

Pockets Addresses Are Strongly Linked To Polygon Basis, Nansen Reiterates

Nansen responded to the situation, explaining why the 2 wallets have been linked to the Polygon Basis. In the meantime, the analytics agency put in a strong protection for its tackle labeling system, claiming that each label undergoes a “rigorous documentation course of.”

Going additional in its rationalization, Nansen cited some cases the place outstanding figures at Polygon Labs interacted with the “Polygon Basis: 0x8d36” tackle. In a single instance, Polygon’s head of development, Sanket Shah, reportedly despatched ETH to the tackle for “fuel functions.”

For the second tackle, “Polygon Basis: 0xf957”, Nansen mentioned its counterparties consist of the primary tackle and different entities carefully related to Polygon, together with the pinnacle of investments, Shreyansh Singh.

Nansen concluded that:

The proof for each of those addresses reveals a really sturdy hyperlink to varied 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. 

Polygon Foundation

MATIC Value continues to consolidate on the each day timeframe | Supply: MATICUSDT chart on TradingView

Featured picture from Forbes, chart from TradingView

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