Polygon Basis Refutes Claims Of Dumping MATIC On Binance

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 every of these pockets addresses had transferred giant quantities of MATIC – the Polygon community’s native token – to Binance previously two days.

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

Polygon Labs Founder Denies Dumping MATIC Tokens

In an X post, Polygon Labs founder Sandeep Nailwal swiftly refuted the solutions 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 neighborhood.

For context, FUD refers back to the unfold of detrimental – and generally false – details about a cryptocurrency or the overall market to create worry and doubt amongst traders and probably 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 lift 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 had 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 clarification, Nansen cited some cases the place distinguished 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 stated 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 exhibits 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” for the reason that Polygon Labs CEO brazenly denied hyperlinks to the 2 addresses. 

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

Featured picture from Forbes, chart from TradingView