Decentraland

Foundation

Polygon

<p class="is-style-lead">In a Sept. 6 post on X, Lookonchain pointed out that Polygon Foundation had transferred millions of dollars worth of MATIC, their native token, to Binance, the world’s largest crypto exchange. Such transfers are often interpreted as bearish. </p> 
<p>However, Sandeep Nailwal, the founder of Polygon Labs, has since denied this claim saying it was a case of mislabeling.</p> 
<p>The blockchain analytics tool, Lookonchain, flagged two addresses, “Polygon Foundation: 0x8d36” and “Polygon Foundation: 0xf957,” which had collectively moved $5.5 million worth of MATIC to Binance in a month.</p> 
<p>Of this, more than half was allegedly deposited on the exchange in the last two days.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">Is Polygon Foundation selling <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$MATIC</a>?<br><br>We noticed that "Polygon Foundation: 0x8d36" deposited 6M <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$MATIC</a> ($3.35M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Binance</a> in the past 2 days.<br><br>And another address "Polygon Foundation: 0xf957" deposited 4.6M <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$MATIC</a> ($2.57M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Binance</a> in the past 30 days. <a href="https://t.co/zsQsB9PF3g" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/zsQsB9PF3g</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1699588206122225742?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 7, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<p>Marc Boiron, the CEO of Polygon Labs, noticed the post and clarified that it was an error. </p> 
<p>Lookonchain later revealed that the Polygon label was assigned by another analytics firm, Nansen.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">Labels from Nansen. <a href="https://t.co/AKYFQ1dlhe" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/AKYFQ1dlhe</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1699608898507083805?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 7, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<p>Nansen responded with a post explaining their thorough address labeling process. </p> 
<p>In their post on X, they revealed that both addresses had connections to Polygon. </p> 
<p>One of them received tokens from private rounds in projects Polygon invested in, such as Hot Cross, while the other had strong associations with Polygon employees, including the head of Investments.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">Every label attached to an address goes through a rigorous documentation process to ensure its accuracy<br><br>Here’s why we concluded that these 2 addresses are linked to the Polygon Foundation:<br><br>Starting with: 0x8d365687a75dc7688864822869ae0551bb6fc105<br><br>1. <a href="https://twitter.com/sourcex44?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@sourcex44</a> (leads growth at…</p>— Nansen 🧭 (@nansen_ai) <a href="https://twitter.com/nansen_ai/status/1699730628189810759?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 7, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<p>Despite their position, Nansen agreed to remove the label after the CEO of Polygon Labs publicly disputed the claim.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">One more time, incorrect labelling <a href="https://twitter.com/lookonchain?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@lookonchain</a>. This is the second time this has happened.<br><br>Plz be careful about these tweets 🙏🏼, creates unnecessary FUDs for the community <a href="https://t.co/mVpaIYB9Xt" target="_blank" rel="noopener noreferrer nofollow">https://t.co/mVpaIYB9Xt</a></p>— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) <a href="https://twitter.com/sandeepnailwal/status/1699659382160527513?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 7, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<p>Polygon Labs founder Sandeep Nailwal also cautioned users on X to be cautious about tweets from Lookonchain, as they might create unwarranted fear, uncertainty, and doubt (FUD).</p> 
<p> You might also like: <a href="https://crypto.news/korean-tokenized-assets-firm-partners-with-polygon-labs/" rel="noopener noreferrer nofollow"> Korean tokenized assets firm partners with Polygon Labs </a> </p> 
<p>On Sep. 7, the Korean company Mirae Asset Securities <a href="https://crypto.news/korean-tokenized-assets-firm-partners-with-polygon-labs/" rel="noopener noreferrer nofollow">partnered</a> with Polygon Labs to expand their tokenized securities networks.</p> 
<p>As part of their agreement, Polygon Labs will serve as a consultant for the tokenized asset firm.</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
 <div class="wp-block-embed__wrapper"> <iframe title="Polygon to 'overtake Ethereum in terms of economic activity,' claims co-founder | The Crypto Mile" width="1020" height="574" src="https://www.youtube.com/embed/icagmshbdYA?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div> 
</figure> 
<p> Read more: <a href="https://crypto.news/polygon-awaits-pip-approval-as-decentraland-and-borroe-finance-gain-momentum/" rel="noopener noreferrer nofollow"> Polygon awaits PIP approval as Decentraland and Borroe.Finance gain momentum </a> </p>

Polygon Labs denies dumping MATIC on Binance

crypto.news

Other articles published on Sep 7, 2023

PARA Stock Shows Declining Trend; Can Overselling Leads to End?

BTC Price Experiencing Pre-Reversal Period In 2019

21Shares and ARK File for First US Spot-Ether ETFs, Pending SEC Approval

Decentralized Exchange Brine Fi Raises $16.5 Million Led by Pantera Capital

Bitcoin Death Cross Incoming; BTC Price Poised to Drop Back Below $25,000 Soon!

XRP Shoots for the Moon as Ripple and Elon Musk’s SpaceX Team Up

Join our free newsletter for daily crypto updates!