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

Published 09/07/2023, 07:58 AM
Updated 09/07/2023, 10:00 AM

Blockchain analytic firm Lookonchain flagged a crypto wallet allegedly belonging to the Polygon Foundation that transferred large amounts of MATIC (MATIC) tokens on Binance. Polygon Labs founder Sandeep Nailwal refuted the claim and said it was a case of mislabeling and that the wallet doesn’t belong to the Polygon Foundation.

Lookonchain flagged two wallets, “Polygon Foundation: 0x8d36” and “Polygon Foundation: 0xf957,” that collectively deposited over $5.5 million worth of MATIC onto Binance over the past 30 days, with more than half of the amount deposited over the past two days.

MATIC deposited on Binance from the Polygon Foundation-labeled wallets. Source: Etherscan

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