Sandeep Nailwal Refutes Allegations of Polygon Foundation’s Involvement in MATIC Sell-Off on Binance

Sandeep Nailwal Refutes Allegations of Polygon Foundation’s Involvement in MATIC Sell-Off on Binance

Crypto News – Sandeep Nailwal, co-founder of the Polygon Foundation, has vehemently denied accusations of the foundation’s wallets being associated with a recent MATIC token sell-off on Binance. Nailwal’s response was prompted by a post on Twitter by the on-chain analytics platform, Lookonchain, which claimed that a wallet supposedly linked to Polygon had recently offloaded $3.35 million worth of MATIC on Binance, causing fear, uncertainty, and doubt (FUD) within the community.

Taking to Twitter earlier today, Nailwal dismissed Lookonchain’s report, asserting that the findings were “inaccurate.” He emphasized that this wasn’t the first time Lookonchain had disseminated misleading information to its followers. Nailwal urged the platform to exercise caution to prevent further unnecessary FUD, requesting Lookonchain to “exercise care with these tweets.”

On September 7, Lookonchain posted a Twitter thread that posed a concerning question, “Is Polygon selling MATIC?” The thread highlighted an address labeled as “Polygon Foundation 0x8d36,” which had reportedly transferred 6 million MATIC tokens valued at $3.35 million to the prominent exchange, Binance, within the past 48 hours. Additionally, the thread pointed out another address, marked as “Polygon Foundation 0xf957,” which had previously moved 4.6 million MATIC tokens, worth $2.57 million, to Binance in a single month.

To refute Lookonchain’s connection between Polygon and the MATIC sell-off, Marc Boiron, CEO of Polygon Labs, stepped in to clarify that the addresses in question were not affiliated with Polygon. He tweeted that these wallet addresses had been “incorrectly labeled” and stated firmly, “They are not Polygon Foundation wallets.”

Subsequently, Nailwal also highlighted the flawed findings of Lookonchain in an effort to reassure the community. In response, Lookonchain pointed out that the wallet addresses had been labeled by another on-chain crypto analytics tool, Nansen.