On-chain tracker Lookonchain made some interesting claims about the Polygon (MATIC) team today. Allegedly, wallets linked to the Polygon team were selling altcoins on Binance. Co-founder Sandeep Nailwal, on the other hand, argues that the findings are wrong.
Sandeep Nailwal immediately intervened in the Fud environment
Claims that the Polygon supplement was selling MATIC were first raised by Lookonchain. The on-chain monitor recently announced that it detected wallets linked to the Polygon team selling altcoins through Binance. According to the analysis, the team had been cashing in on MATIC reserves for the past two days. Lookonchain offered the following figures on quantity sold and dollar value:
Does Polygon Foundation sell MATIC? We noticed that the 0x8d36 wallet linked to Polygon has deposited 6 million MATIC ($3.35 million) on Binance in the last 2 days. Another address, “0xf957,” has deposited 4.6 million MATIC ($2.57 million) on Binance in the past 30 days.
Is Polygon Foundation selling $MATIC?
We noticed that "Polygon Foundation: 0x8d36" deposited 6M $MATIC ($3.35M) to #Binance in the past 2 days.
And another address "Polygon Foundation: 0xf957" deposited 4.6M $MATIC ($2.57M) to #Binance in the past 30 days. pic.twitter.com/zsQsB9PF3g
— Lookonchain (@lookonchain) September 7, 2023
According to the findings, the Polygon team has sent $2 million to Binance wallet in the last two days. During these transfers, MATIC is struggling to maintain the $0.55 support. As the price is at a critical juncture, it was quick to reply from Polygon co-founder Sandeep Nailwal. Nailwal responded on account X soon after, to placate the news that might worry investors.
“This is the second time it is happening, creating unnecessary FUD”
According to Nailwal, the MATIC transfers in question were not linked to the Polygon team or their wallets. The founder reported that this was a mislabeling issue. On-chain tracker Lookonchain shares the biggest transfers and big profit/loss investors in the market on social media. These posts are mostly for traders who want to imitate the positions of well-known whales. Nailwal says Lookonchain creates unnecessary Fud due to mislabeling. He gave the following response to the allegations from his account X:
You’ve mislabeled once again, Lookonchain. This is the second time it has happened. Please be careful with these tweets, they create unnecessary FUD for the community.
https://twitter.com/sandeepnailwal/status/1699659382160527513
You can take a look at the recent Lookonchain reports, which we have transferred as Kriptokoin.com, on this page.
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