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Lookonchain Claims Millions of Dollars Worth of Matic Transferred to Binance, But Polygon Labs Denies the Claim

Millions of Matic Transferred to Binance: Misnomer or Misunderstanding?


On Sept. 6 post on X, Lookonchain indicated out Reported by Polygon Corporation millions of dollar worth of Matic, their native tokento Binance, the world’s largest crypto exchange. This is amazing transfers It is often interpreted as bearish.

Denial by Polygon Labs Founder

However, Sandeep Nilewal, the founder of Polygon Labs has since denied the claim, saying it was a case of misnomer.

Blockchain Analytics Tool Flags Transactions

Blockchain analytics tool Lookonchain has flagged two addresses, “Polygon Foundation: 0x8d36” and “Polygon Foundation: 0xf957,” that have collectively moved $5.5 million worth of Matic to Binance in the past month.

Who is this, more from half Allegedly deposited on exchange in the last tow days.

Twitter Post Adds to the Controversy

Explanation by Polygon Labs CEO

Marc Boiron, CEO of Polygon Labs noticed post He explained it was error.

Lookonchain later revealed that the Polygon tag was set up by another analytics company, Nansen.

Twitter Post Clarifies Labeling Process

Clarification by Nansen

Nansen answered with a post Explain the global heading labeling process.

In post on X, revealing that both titles have connections to Polygon.

One of They got the icons from private rounds in Projects invested by Polygon inas Hot Cross, while the other had strong associations with Polygon employees, incl head of investments.

Removal of Designation

Despite their position, Nansen agreed to remove the designation after CEO of Polygon Labs has publicly disputed this claim.

Warning from Polygon Labs Founder

Polygon Labs founder Sandeep Nilewal also Users warned on X should be careful about Tweets from Lookonchain, as it may create Unwarranted Fear, Uncertainty, and Unjustified Suspicion (FUD).

Partnership with Mirae Asset Securities

On September 7, South Korea’s Mirae Asset Securities entered into a partnership with Polygon Labs is expanding its stock networks.

As part of Under their agreement, Polygon Labs will act as advisor for token asset firm.

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Adrian Ovalle
Adrian Ovalle
Adrian is working as the Editor at World Weekly News. He tries to provide our readers with the fastest news from all around the world before anywhere else.

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