Decentraland

Foundation

Polygon

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 <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> 
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    <p lang="en" dir="ltr">Is Polygon Foundation selling $MATIC?<br><br>We noticed that "Polygon Foundation: 0x8d36" deposited 6M $MATIC ($3.35M) to #Binance in the past 2 days.<br><br>And another address "Polygon Foundation: 0xf957" deposited 4.6M $MATIC ($2.57M) to #Binance in the past 30 days. pic.twitter.com/zsQsB9PF3g</p>— Lookonchain (@lookonchain) September 7, 2023 
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 <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> 
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    <p lang="en" dir="ltr">Labels from Nansen. pic.twitter.com/AKYFQ1dlhe</p>— Lookonchain (@lookonchain) September 7, 2023 
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 <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> 
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    <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. @sourcex44 (leads growth at…</p>— Nansen (@nansen_ai) September 7, 2023 
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 <p>Despite their position, Nansen agreed to remove the label after the CEO of Polygon Labs publicly disputed the claim.</p> 
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    <p lang="en" dir="ltr">One more time, incorrect labelling @lookonchain. This is the second time this has happened.<br><br>Plz be careful about these tweets , creates unnecessary FUDs for the community https://t.co/mVpaIYB9Xt</p>— Sandeep Nailwal | sandeep. polygon (@sandeepnailwal) September 7, 2023 
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 <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> 
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Korean tokenized assets firm partners with Polygon Labs 
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 <p>On Sep. 7, the Korean company Mirae Asset Securities partnered 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> 
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  <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> 
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Polygon awaits PIP approval as Decentraland and Borroe.Finance gain momentum 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/polygon-labs-denies-dumping-matic-on-binance-tbt61967.html">https://thebittimes.com/polygon-labs-denies-dumping-matic-on-binance-tbt61967.html</a></p>

Polygon Labs denies dumping MATIC on Binance

TheBitTimes

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