Polygon Foundation denies Matic dump on Binance, claims wallets were mislabeled

sandeep. polygon (@sandeepnailwal) September 7, 2023

Thank you for reading this post, don't forget to subscribe!

Lookonchain flagged 2 wallets “Polygon Foundation: 0x8d36” and “Polygon Foundation: 0xf957” that jointly deposited over $5.5 million worth of MATIC onto Binance over the previous 30 days with over half of the quantity deposited over the previous two days.Matic deposited on Binance from Polygon Foundation labeled wallets. Source: EtherscanPolygon Labs CEO Marc Boiron was the very first to flag the issue of mislabelling to which the blockchain analyst responded that the wallets were identified by another crypto analytic firm, Nansen. Nansen reacted that they go through a rigorous procedure before labelling such wallets and explained that these two wallets in concern had actually shown strong links to crucial members of the Polygon. Related: Polygons new open-source L2 chain developer stack to support Ethereum ZK-powered layer 2sThe firm mentioned key instances of interaction by Polygon Labs executives with wallet address 0x8d365687a75dc7688864822869ae0551bb6fc105, where in one instance leads growth at Polygon Sanket had sent out ETH to the discussed address and the exact same address has actually received tokens from personal rounds Polygon invested in such as Hot Cross.For the second wallet address: 0xf957fa14ea72a9ecd7bdc06c5be89a5a34c7aa89, Nansen declared that their “counterparties include the previous address 0x8d3 and with other entities that are connected closely with Polygon with the head of Investments being one example. “However, Nansen concluded that given that Polygon Labs CEO has publicly refuted the claims about these addresss links to the firm, they are going to remove the label. Boiron thanked Nansen for eliminating the label and acknowledged that identifying wallets is not a simple task. Polygon didnt react to Cointelegraphs demands for remarks at press time.Magazine: Recursive inscriptions: Bitcoin supercomputer and BTC DeFi coming soon