Polygon CEO Rejects Polygon Foundation Selling 10.6 Million MATIC

Key Points:

• Polygon Labs CEO Marc Boiron clarified that the MATIC sale address did not come from the Polygon Foundation.
• A few hours ago, Lookonchain tracked that two addresses labeled as Polygon Foundation deposited 10.6 million MATICs into Binance within a month.
• This labeling may have stemmed from Nansen’s confusion.

The CEO of Polygon Labs, Marc Boiron, has denied reports that the Polygon Foundation has transferred a large amount of MATIC tokens to the Binance exchange in the past 30 days.

Commenting under the post of monitoring company Lookonchain, the CEO of Polygon Labs, Marc Boiron, clarified that the address selling MATIC does not come from the Polygon Foundation.

A few hours ago, Lookonchain reported that two Polygon Foundation addresses deposited 10.6 million MATICs into Binance within a month, worth about $5.92 million.

Specifically, the Address marked as Polygon Foundation 0x8d36 sent 6 million MATIC (worth about $3.35 million) to Binance in the past 2 days. Another address, labeled Polygon Foundation 0xf957, has deposited 4.6 million MATIC (worth approximately $2.57 million) to Binance in the past 30 days.

Following Marc Boiron’s confirmation, Lookonachian said the labeling of wallet addresses was taken from the famous on-chain data analysis tool Nansen with a data warehouse containing millions of labeled wallets. These labels help classify wallets based on characteristics such as earning a lot of profit from NFTs, airdrops or even being associated with each organization.

Although Polygon has denied the sale of MATIC, the massive transfer of these tokens to exchanges by investors shows that they are slowly losing confidence in the project as the price of MATIC is down 80.85% from its all-time high.

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