The founder of the Ethereum (ETH) layer-2 scaling solution Polygon (MATIC) is responding to allegations that the Polygon Foundation deposited nearly $6 million in digital assets on Binance.
In a new thread on social media platform X, Polyon founder Sandeep Nailwal explains say that previous reports about the backer of the crypto assets that MATIC dumped on the world’s largest crypto exchange platform were incorrectly labeled by volume.
According to Nailwal, this isn’t the first time Lookonchain has mislabeled one of their wallets.
“Once again, mislabelling, Lookonchain. This is the second time this has happened. Please be careful with these tweets as this creates unnecessary FUDs (fear, uncertainty and doubt) for the community.”
Earlier this week, blockchain data tracker Lookonchain joined reported that two addresses allegedly connected to the Polygon Foundation have collectively deposited $5.9 million worth of MATIC with Binance in the past 30 days.
Marc Boiron, CEO of Polygon Labs, also agreed proverb that Lookonchain made a mistake.
“You mislabeled this wallet. It is not a Polygon Foundation wallet.”
However, according to blockchain research firm Nansen, the addresses were linked to the Polygon Foundation using data from previous transactions.
“The evidence for both addresses shows a very strong link to various individuals and entities of the Polygon Foundation, which is why we have labeled these addresses as part of the Polygon Foundation. As a gesture of goodwill, we’ve removed the labels as [Marc Boiron]CEO of Polygon Labs, has publicly announced that the address is not theirs.”
MATIC is trading at $0.556 at the time of writing, up fractionally over the past 24 hours.
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Main image: Shutterstock/Dolan Mbengi