Blockchain analytics site Lookonchain flagged recent transactions of two on-chain addresses allegedly owned by the Polygon Foundation. The platform reported that one of these wallet addresses had transferred large amounts of MATIC – the Polygon network’s native token – to Binance in the past two days.
Nailwal emphasized the need to exercise caution before publishing claims of this nature, as they can create FUD (fear, uncertainty, and doubt) in the crypto community.
For context, FUD refers to the spread of negative – and sometimes false – information about a cryptocurrency or the general market to create fear and doubt among investors and potentially influence prices.
In response to Boiron, Lookonchain stated that the crypto intelligence platform Nansen conducted the address labeling.
Going further in its explanation, Nansen cited some instances where prominent figures at Polygon Labs interacted with the “Polygon Foundation: 0x8d36” address. In one example, Polygon’s head of growth, Sanket Shah, reportedly sent ETH to the address for “gas purposes.”
For the second address, “Polygon Foundation: 0xf957”, Nansen said its counterparties consist of the first address and other entities closely associated with Polygon, including the head of investments, Shreyansh Singh.
Nansen concluded that:
The evidence for both of these addresses shows a very strong link to various individuals and entities of the Polygon Foundation, and that’s why we labeled these addresses as part of the Polygon Foundation.
Despite this, Nansen claims to have removed the labels “as a gesture of goodwill” since the Polygon Labs CEO openly denied links to the two addresses.