{"id":550421,"date":"2023-09-07T19:00:44","date_gmt":"2023-09-07T19:00:44","guid":{"rendered":"https:\/\/wncen.com\/?p=550421"},"modified":"2023-09-07T17:54:23","modified_gmt":"2023-09-07T17:54:23","slug":"polygon-foundation-refutes-claims-of-dumping-matic-on-binance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/matic\/polygon-foundation-refutes-claims-of-dumping-matic-on-binance\/","title":{"rendered":"Polygon Foundation Refutes Claims Of Dumping MATIC On Binance – Here\u2019s What Happened"},"content":{"rendered":"

Blockchain analytics site Lookonchain flagged recent transactions of two on-chain addresses allegedly owned by the Polygon Foundation. The platform reported that one of these wallet addresses had transferred large amounts of MATIC – the Polygon network\u2019s native token – to Binance in the past two days.<\/span><\/p>\n

According to <\/span>Lookonchain<\/span><\/a>, the two addresses, tagged as\u00a0 \u201cPolygon Foundation: 0x8d36\u201d and \u201cPolygon Foundation: 0xf957,\u201d have collectively transferred nearly $6 million worth of MATIC to Binance over the past month, with more than half of the amount deposited onto the exchange in the last two days.<\/span><\/p>\n

Polygon Labs Founder Denies Dumping MATIC Tokens<\/span><\/h2>\n

In <\/span>an X post<\/span><\/a>, Polygon Labs founder Sandeep Nailwal swiftly refuted the suggestions that the Polygon Foundation may be dumping MATIC tokens on Binance. The founder asserted it was \u201canother\u201d case of incorrectly labeling wallet addresses.<\/span><\/p>\n

Related Reading: Korean Finance Giant Partners With Polygon Labs, Can It Push MATIC Above $1?<\/a><\/div>\n

Nailwal emphasized the need to exercise caution before publishing claims of this nature, as they can create FUD (fear, uncertainty, and doubt) in the crypto community.<\/span><\/p>\n

For context, FUD refers to the spread of negative – and sometimes false – information about a cryptocurrency or the general market to create fear and doubt among investors and potentially influence prices.\u00a0<\/span><\/p>\n

It is worth mentioning that the founder\u2019s claims align with the words of Polygon Labs CEO Marc Boiron<\/a>, who was the first to raise this issue of wallet mislabeling. Boiron had also insisted that the Polygon Foundation controls none of the addresses.\u00a0<\/span><\/p>\n

In response to Boiron, Lookonchain stated that the crypto intelligence platform Nansen conducted the address labeling.<\/span><\/p>\n

Wallet Addresses Are Strongly Linked To Polygon Foundation, Nansen Reiterates<\/span><\/h2>\n

Nansen <\/span>responded to the situation<\/span><\/a>, explaining why the two wallets were linked to the Polygon <\/span>Foundation. Meanwhile, the analytics firm put in a robust defense for its address labeling system, claiming that every label undergoes a \u201crigorous documentation process.\u201d<\/span><\/p>\n

Going further in its explanation, Nansen cited some instances where prominent figures at Polygon Labs interacted with the \u201cPolygon Foundation: 0x8d36\u201d address. In one example, Polygon\u2019s head of growth, Sanket Shah, reportedly sent ETH to the address for \u201cgas purposes.\u201d<\/span><\/p>\n

Related Reading: Ethereum Price Could See Lift-off Unless This Support Gives Way<\/a><\/div>\n

For the second address, \u201cPolygon Foundation: 0xf957\u201d, Nansen said its counterparties consist <\/span>of the first address and other entities closely associated with Polygon, including the head of investments, Shreyansh Singh.<\/span><\/p>\n

Nansen concluded that:<\/span><\/p>\n

The evidence for both of these addresses shows a very strong link to various individuals and entities of the Polygon Foundation, and that\u2019s why we labeled these addresses as part of the Polygon Foundation.<\/span><\/p><\/blockquote>\n

Despite this, Nansen claims to have removed the labels \u201cas a gesture of goodwill\u201d since the Polygon Labs CEO openly denied links to the two addresses.\u00a0<\/span><\/p>\n

\"Polygon<\/p>\n

MATIC Price continues to consolidate on the daily timeframe | Source: MATICUSDT chart on TradingView<\/a><\/pre>\n
Featured image from Forbes, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"
Blockchain analytics site Lookonchain flagged recent transactions of two on-chain addresses allegedly owned by the Polygon Foundation. The platform reported that one of these wallet addresses had transferred large amounts of MATIC – the Polygon network\u2019s native token – to Binance in the past two days. According to Lookonchain, the two addresses, tagged as\u00a0 \u201cPolygon Foundation: 0x8d36\u201d and \u201cPolygon Foundation: 0xf957,\u201d have collectively transferred nearly $6 million worth of MATIC to Binance over the past month, with more than half of the amount deposited onto the exchange in the last two days. Polygon Labs Founder Denies Dumping MATIC Tokens In an X post, Polygon Labs founder Sandeep Nailwal swiftly refuted the suggestions that the Polygon Foundation may be dumping MATIC tokens on Binance. The founder asserted it was \u201canother\u201d case of incorrectly labeling wallet addresses. Related Reading: Korean Finance Giant Partners With Polygon Labs, Can It Push MATIC Above $1? Nailwal emphasized the need to exercise caution before publishing claims of this nature, as they can create FUD (fear, uncertainty, and doubt) in the crypto community. For context, FUD refers to the spread of negative – and sometimes false – information about a cryptocurrency or the general market to create fear and doubt among investors and potentially influence prices.\u00a0 It is worth mentioning that the founder\u2019s claims align with the words of Polygon Labs CEO Marc Boiron, who was the first to raise this issue of wallet mislabeling. Boiron had also insisted that the Polygon Foundation controls none of the addresses.\u00a0 In response to Boiron, Lookonchain stated that the crypto intelligence platform Nansen conducted the address labeling. Wallet Addresses Are Strongly Linked To Polygon Foundation, Nansen Reiterates Nansen responded to the situation, explaining why the two wallets were linked to the Polygon Foundation. Meanwhile, the analytics firm put in a robust defense for its address labeling system, claiming that every label undergoes a \u201crigorous documentation process.\u201d Going further in its explanation, Nansen cited some instances where prominent figures at Polygon Labs interacted with the \u201cPolygon Foundation: 0x8d36\u201d address. In one example, Polygon\u2019s head of growth, Sanket Shah, reportedly sent ETH to the address for \u201cgas purposes.\u201d Related Reading: Ethereum Price Could See Lift-off Unless This Support Gives Way For the second address, \u201cPolygon Foundation: 0xf957\u201d, Nansen said its counterparties consist of the first address and other entities closely associated with Polygon, including the head of investments, Shreyansh Singh. Nansen concluded that: The evidence for both of these addresses shows a very strong link to various individuals and entities of the Polygon Foundation, and that\u2019s why we labeled these addresses as part of the Polygon Foundation. Despite this, Nansen claims to have removed the labels \u201cas a gesture of goodwill\u201d since the Polygon Labs CEO openly denied links to the two addresses.\u00a0 MATIC Price continues to consolidate on the daily timeframe | Source: MATICUSDT chart on TradingView Featured image from Forbes, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":542574,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[86487],"tags":[40670,86135,83584,89333,89332],"class_list":["post-550421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-matic","tag-matic","tag-nansen","tag-polygon","tag-polygon-foundation","tag-polygon-labs"],"acf":[],"yoast_head":"\nPolygon Foundation Refutes Claims Of Dumping MATIC On Binance - Here\u2019s What Happened<\/title>\n<meta name=\"description\" content=\"Blockchain analytics site Lookonchain flagged recent transactions of two on-chain addresses allegedly owned by the Polygon Foundation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/matic\/polygon-foundation-refutes-claims-of-dumping-matic-on-binance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Polygon Foundation Refutes Claims Of Dumping MATIC On Binance - 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