Polygon Management Team Says MATIC Was Not Dumped

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Lookonchain analysts have recently reported that 10.6 million MATIC tokens (~$5.9 million) seemed to have been transferred from two wallets believed to belong to the Polygon Foundation to Binance.

However, CEO of Polygon Labs, Sandeep Nailwal, denied this information given the mislabeling of wallets by Nansen. In response, Nansen stated that each address goes under “multiple stages of research to ensure accuracy.”

This prompted suspicion from the public, causing Nansen to retract the label as “a gesture of goodwill.” The market responded in little to no volatility but still holds at $0.55.

This situation is reminiscent of when rumors began to spread regarding Binance selling its Bitcoin reserves to protect BNB positions in June, which were proven false with Changpeng Zhao commenting on the company’s ownership of FTX tokens.