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Incorrectly Tagged Wallets Stir Controversy Around Polygon and Binance

Incorrectly Tagged Wallets Stir Controversy Around Polygon and Binance

Polygon executives claim that wallets that transferred MATIC tokens were mislabeled.

Polygon Foundation is pushing back against claims that it transferred a significant amount of MATIC tokens to crypto exchange Binance.

Lookonchain had identified two crypto wallets, named "Polygon Foundation," which transferred over $5.5 million in MATIC to Binance over the last month. Remarkably, over half of the amount was moved in the past two days.

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Polygon Labs founder Sandeep Nailwal quickly refuted the allegation, insisting that the wallets did not belong to Polygon Foundation. 

Nailwal’s claims were further backed by Polygon Labs CEO Marc Boiron, who first raised concerns about the mislabeling of the wallets. In response, Lookonchain stated that it was blockchain analytics firm Nansen that labeled these wallets.

Nansen defended its labeling methodology, explaining that the scrutinized wallets had shown strong connections to key individuals within Polygon. For instance, one of the wallet addresses had even received tokens from private investment rounds involving Polygon.

However, after Boiron publicly denied that the addresses were connected to Polygon, Nansen removed the labels.

Marc Boiron expressed gratitude towards Nansen for amending the labels and acknowledged the challenges in correctly identifying wallet ownership. At the time of writing, Polygon Foundation has not issued an official comment on the matter.

The saga involving the alleged transfer of MATIC tokens to Binance has highlighted the complexities of wallet identification in the rapidly evolving blockchain space. While Lookonchain and Nansen initially labeled the wallets as connected to Polygon, the firms later rescinded their claims following public refutations from Polygon executives. This incident serves as a reminder of the importance of accurate information in the increasingly scrutinized world of cryptocurrencies.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



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