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According to allegations, a crypto wallet allegedly owned by the Polygon Foundation drew attention by making a large amount of MATIC transfer on Binance. However, Sandeep Nailwa, the founder of Polygon Labs, denied these allegations and stated that the wallet does not belong to Polygon Foundation. Following this development, data analysis platform Nansen announced that they will remove the labels of the wallets in question.
The Wallets in Question Do Not Belong to Polygon
Blockchain data analysis firm Lookonchain drew attention to a crypto wallet that is claimed to belong to Polygon Foundation and made a significant amount of MATIC transfer on Binance. Sandeep Nailwal, the founder of Polygon Labs, denied these allegations and stated that it was a case of mislabeling and that the wallet does not belong to Polygon Foundation.
Lookonchain marked two wallets according to the data: Polygon Foundation: 0x8d36… and Polygon Foundation: 0xf957… and these wallets deposited over $5.5 million worth of MATIC to Binance in the last 30 days, with more than half of this amount being deposited in the last two days.
Marc Boiron, the CEO of Polygon Labs, was the first to mention the mislabeling issue, which was claimed to be labeled by another crypto analysis firm, Nansen. Nansen stated that they go through a meticulous process before labeling such wallets and that these two wallets show strong connections with Polygon’s key members.
Wallet Labels Will Be Removed
The company presented significant examples of interaction with the wallet address 0x8d365687a75dc7688864822869ae0551bb6fc105 by Polygon Labs executives; in one instance, the Polygon Sanket team sent ETH to the mentioned address, and the same address received tokens from private rounds that Polygon invested in, such as Hot Cross. For the second wallet address, 0xf957fa14ea72a9ecd7bdc06c5be89a5a34c7aa89, Nansen claimed that it consisted of counterparties from the previous 0x8d3 address and other organizations closely related to Polygon.
However, Nansen announced that they would remove the label due to the public denial by the CEO of Polygon Labs regarding the connection of these addresses to the company. Boiron thanked Nansen for removing the label and acknowledged that labeling wallets is not an easy task, thus closing the issue.
