Blockchain analytics site Lookonchain flagged recent transactions of two on-chain addresses allegedly owned by the Polygon Foundation. The platform reported that one of these wallet addresses had transferred large amounts of MATIC – the Polygon network’s native token – to Binance in the past two days. According to Lookonchain, the two addresses, tagged as “Polygon Foundation: 0x8d36” and “Polygon Foundation: 0xf957,” have collectively transferred nearly $6 million worth of MATIC to Binance over the past month, with more than half of the amount deposited onto the exchange in the last two days. Polygon Labs Founder Denies Dumping MATIC Tokens In an X post, Polygon Labs founder Sandeep Nailwal swiftly refuted the suggestions that the Polygon Foundation may be dumping MATIC tokens on Binance. The founder asserted it was “another” case of incorrectly labeling wallet addresses. Related Reading: Korean Finance Giant Partners With Polygon Labs, Can It Push MATIC Above $1? Nailwal emphasized the need to exercise caution before publishing claims of this nature, as they can create FUD (fear, uncertainty, and doubt) in the crypto community. For context, FUD refers ..
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