On-chain tracker Lookonchain made interesting claims about the Polygon (MATIC) team today. Allegedly, wallets linked to the Polygon team were selling altcoins through Binance. Co-founder Sandeep Nailwal claims that the findings are erroneous.
Sandeep Nailwal immediately intervened in the Fud environment
Allegations that the Polygon supplement was selling MATIC were first made by Lookonchain. The on-chain monitor recently announced that it detected wallets linked to the Polygon team selling altcoins through Binance. According to analysis, the team had been converting MATIC reserves into cash for the last two days. Lookonchain put forward the following figures about the amount sold and dollar value:
Does Polygon Foundation sell MATIC? We noticed that wallet 0x8d36, affiliated with Polygon, deposited 6 million MATIC ($3.35 million) to 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 this has happened, 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 responded to the allegations from his X account as follows:
You’ve mislabelled once again, Lookonchain. This is the second time this has happened. Please be careful with these tweets, they create unnecessary FUD for the community.
One more time, incorrect labelling @lookonchain. This is the second time this has happened.
Plz be careful about these tweets 🙏🏼, creates unnecessary FUDs for the community https://t.co/mVpaIYB9Xt
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) September 7, 2023
cryptocoin.comYou can take a look at the recent Lookonchain reports that we have quoted on this page.
