On Thursday, September 7, Lookonchain analytical service reportedthat the Polygon Foundation is selling a large amount of MATIC on Binance. Over the past month, two cryptocurrency addresses marked “Polygon Foundation: 0x8d36” and “Polygon Foundation: 0xf957” have transferred more than $5.5 million to Binance in MATIC, with more than half of the funds deposited over the past few days, the service’s analysts noted.
The founder of Polygon Labs, Sandeep Nailwal, denied this information on Twitter, saying that the company does not dump its crypto assets. Listed addresses moving MATIC for sale on Binance were incorrectly tagged, Niallwal claims.
“Again, a mislabel from Lookonchain. This is happening for the second time. Please be careful with tweets like this, they create unnecessary fear, uncertainty and doubt (FUD) in the community, ”Nailwal wrote.
Lookonchain later revealed that the markings for these addresses were created by Nansen, an analytics company. The addresses go through a rigorous labeling process, Nansen said, and the two addresses are associated with individuals and entities of the Polygon Foundation. Company explainedthat one of these addresses received tokens from private funding rounds in projects where Polygon invested, such as Hot Cross. However, as a gesture of goodwill, Nansen has removed the labels because the CEO of Polygon Labs has publicly stated that the addresses are not associated with his company.
Recall that at the beginning of the year, Polygon Labs announced plans to cut 20% of its staff due to the economic downturn and to maintain competitiveness.
Source: Bits
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