Blockchain analytics firm Lookonchain stated that a crypto wallet allegedly belonging to the Polygon Foundation transferred a large amount of Matic tokens on Binance. Polygon Labs founder Sandeep Nailwal denied the claim and said that the wallet did not belong to the Polygon Foundation.

In the last 30 days, two wallets named "Polygon Foundation: 0x8d36" and "Polygon Foundation: 0xf957" were seen depositing a total of $5.5 million worth of MATIC to Binance. More than half of this amount was deposited in the last two days.

Nansen explained that these two wallets show strong connections to key members of Polygon. However, since the CEO of Polygon Labs said that these addresses were not affiliated with the company, Nansen decided to remove the labels. Boiron thanked Nansen for removing the labels and admitted that labeling the wallets was not an easy task. Polygon did not respond to Cointelegraph's requests for comment at press time.