Polygon Founder Addresses Allegations of MATIC Dumping on Binance
Recently, there were allegations that the Polygon Foundation deposited around $6 million worth of MATIC on Binance, the largest crypto exchange platform. However, Polygon founder Sandeep Nailwal clarifies that these reports were mislabeled and incorrect. He points out that this is not the first time such mislabeling has occurred, urging caution and highlighting the unnecessary fear, uncertainty, and doubt (FUD) it creates for the community.
Another blockchain data tracker, Lookonchain, had reported that two addresses connected to the Polygon Foundation deposited $5.9 million worth of MATIC on Binance within the last month. However, Polygon Labs’ CEO Marc Boiron disputes this, stating that Lookonchain made an error in labeling the wallet. On the other hand, blockchain research firm Nansen provides evidence linking the addresses to the Polygon Foundation through previous transactions.
Despite these allegations and disputes, MATIC is currently trading at $0.556, showing a slight increase in the last 24 hours.
Hot Take:
It is important to verify information and exercise caution when reacting to allegations in the crypto space. Mislabeling and misinformation can lead to unnecessary panic and doubt. Always rely on verified sources and thorough research before forming opinions or making decisions.
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