Crypto Wallet Allegedly Belonging to Polygon Foundation
Blockchain analytics firm Lookonchain identified two crypto wallets, labeled by another analytics firm Nansen as belonging to the Polygon Foundation, that had transferred a large amount of MATIC (MATIC) tokens to Binance over the past 30 days. Over half of the tokens had been transferred in the last two days. Polygon Labs founder Sandeep Nailwal, however, refuted the claim and said the wallet did not belong to the Polygon Foundation.
Marc Boiron, CEO of Polygon Labs, was the first to point out the mislabeling. Nansen responded that it follows a strict process when labeling wallets and that the two wallets in question had strong ties to key members of the Polygon Foundation.
The discovery of these wallets raises questions about the use of web 3.0 technologies and new crypto projects. Investors looking to buy web 3.0 tokens should be aware of the key components and features of web 3.0, as well as the distinction between web 2.0 and web 3.0.
Polygon’s Wallet Addresses
Polygon Labs executives have interacted with two wallet addresses: 0x8d365687a75dc7688864822869ae0551bb6fc105 and 0xf957fa14ea72a9ecd7bdc06c5be89a5a34c7aa89. In one instance, Polygon’s head of growth, Sanket Shah, sent Ether (ETH) to the first address, and it has also received tokens from private rounds Polygon invested in, such as Hot Cross. According to Nansen, the second address is linked to the first one and other entities closely related to Polygon, including the head of Investments. However, Polygon’s CEO has publicly denied any links between these addresses and the firm, so Nansen decided to remove the label. Boiron thanked Nansen for removing the label and acknowledged that labeling wallets is not an easy task. Polygon didn’t respond to Cointelegraph’s requests for comments at the time of publication.
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