Polygon CEO Declines Polygon Foundation’s Sale of 10.6 Million MATIC Tokens

Crypto News– In response to a post by monitoring company Lookonchain, Marc Boiron, the CEO of Polygon Labs, issued a clarification asserting that the MATIC tokens being sold do not originate from the Polygon Foundation.

Polygon CEO Declines Polygon Foundation’s Sale of 10.6 Million MATIC Tokens

Notably, Lookonchain recently reported that two addresses associated with the Polygon Foundation had transferred 10.6 million MATIC tokens to Binance within the span of a month, equivalent to approximately $5.92 million in value.

To elaborate further, one of the addresses, designated as Polygon Foundation 0x8d36, sent 6 million MATIC tokens (with an approximate value of $3.35 million) to Binance over the past two days. The other address, labeled as Polygon Foundation 0xf957, deposited 4.6 million MATIC tokens (equating to approximately $2.57 million) into Binance in the last 30 days.

Following Marc Boiron’s confirmation, Lookonchain clarified that the labeling of these wallet addresses was derived from Nansen, a renowned on-chain data analysis tool with a vast data repository containing labeled wallets. These labels are utilized to categorize wallets based on various attributes, such as substantial profits from NFTs, involvement in airdrops, or associations with specific organizations.

Despite Polygon’s denial of MATIC token sales, the significant movement of these tokens to exchanges by investors signals waning confidence in the project, especially as the price of MATIC has experienced an 80.85% decline from its all-time high.