Unveiling a Shocking Report: Concealed MATIC Sales by Polygon Team Result in Price Decline

Allegations of Secret Sales and Price Suppression

A recent analysis by crypto intelligence firm ChainArgos has raised concerns about the involvement of the Polygon team in secret sales of MATIC tokens, which may have led to a suppression of the token’s price. The analysis focused on the token allocations and flows to various exchanges.

Discrepancies in Token Allocations

ChainArgos identified irregular outflows from a “vesting contract” and a foundation contract, which manage the token allocations. The firm noted that these flows had an unusual pattern and size, indicating potential irregularities.

$1 Billion in MATIC Sold Stealthily?

One particular concern is the allocation for staking. While the allocation table indicated a range from 400 million to 1.2 billion MATIC for staking, the actual flow into the staking contract started from zero and only reached 800 million. ChainArgos traced a discrepancy of 400 million MATIC to an address labeled “Binance 33” on Etherscan, which they believe is not associated with staking activities.

This address was also involved in a significant flow of 300 million MATIC to another address, which then sent 767 million MATIC to Binance exchange wallets. ChainArgos argues that this indicates price manipulation and suggests collusion between the Polygon team and Binance to discreetly move large amounts of MATIC.

Lack of Transparency and Inconsistencies

ChainArgos criticized the lack of transparency and oversight in these transactions, urging investors to be more diligent about where their funds are being allocated. They highlighted the need for better investigation and questioned the integrity of token allocations within the crypto space.

Closing Thoughts: A Serious Issue for the Crypto Market

This report raises serious questions about the integrity of token allocations and the potential for market manipulation within the crypto space. It emphasizes the importance of transparency and diligence in investment decisions. At the time of writing, the Polygon team has not responded to ChainArgos’ report. MATIC is currently trading at $0.86, with an 11.6% increase in the last seven days.