Polygon Foundation Denies MATIC Dump on Binance, Claims Wallets Were Mislabeled

Blockchain analytics firm Lookonchain recently identified a crypto wallet supposedly belonging to the Polygon Foundation, which had transferred significant amounts of MATIC tokens on Binance. However, Sandeep Nailwal, founder of Polygon Labs, denied this claim, stating that it was a case of mislabeling and that the wallet in question is not associated with the Polygon Foundation.

Lookonchain pointed out two wallets, labeled as “Polygon Foundation: 0x8d36” and “Polygon Foundation: 0xf957,” which together deposited over $5.5 million worth of MATIC onto Binance in the last month. Notably, more than half of this amount was transferred in the past two days.