Yesterday (15), blockchain intelligence company ChainArgos accused the Polygon Foundation of misconduct in the distribution process of the MATIC token and implied possible improper cooperation with Binance. However, there is currently no further evidence to confirm the truth of this matter.
(Previous summary:
India’s crypto lockdown! Binance, OKX, Kraken… 9 overseas exchanges accused of illegal operations, removed from App Store
)
(Background supplement:
Ethereum ICO whale awakens! Transfers 3,000 ETH to Kraken, exits with 6,000 times profit?
)
The information on the blockchain is transparent, and any unclear flow of funds can be discovered. Yesterday (15), blockchain intelligence company ChainArgos exposed suspicions in the distribution of Polygon tokens. They accused the Polygon Foundation of misappropriating MATIC tokens and selling them to the community, pointing to possible improper cooperation with Binance.
The mystery of over 400 million MATIC tokens lost
ChainArgos discovered a significant discrepancy in the distribution of MATIC tokens by the Polygon Foundation. According to the original distribution plan, 1.2 billion MATIC tokens were supposed to be allocated for staking rewards, increasing from 400 million tokens to 1.2 billion tokens. However, ChainArgos’ investigation found that only approximately 800 million tokens were actually sent to the staking contract, resulting in a difference of about 400 million MATIC tokens. This discovery raised doubts about the Foundation’s handling of funds and drew attention to suspicious behavior in transferring funds to exchanges.
Accumulated inflow of the Polygon staking contract (unit: MATIC)
Potential connection between Binance and Polygon
ChainArgos further traced that these 400 million MATIC tokens were transferred to an Etherscan address labeled as “Binance 33”. They found that an address starting with 0x2f4 received 300 million MATIC from “Binance 33” and received 467 million MATIC from a wallet labeled “Matic: Marketing and Ecosystem”.
Over the next four years, this address transferred a total of 767 million MATIC to Binance, worth about $1 billion. At the same time, ChainArgos pointed out that these transfers significantly affected the price of MATIC. Therefore, ChainArgos suspects possible improper cooperation between the Polygon team and Binance, implying the possibility of market manipulation.
Currently, there has been no response from the official Polygon and Binance regarding this matter. Nevertheless, the price of MATIC has slightly increased by 0.4% in the past 24 hours, indicating a relatively calm market reaction.
Related Reports
Confirmed as a prank: Arch-nemesis of the big short buys $10 million worth of Bitcoin and Ethereum “put options”
Financial documents reveal former US President Trump holds $250,000 in cryptocurrency! NFT transactions surpass $26 million
Can stablecoins maintain the dominance of the US dollar? Former CEO of Binance US: Expected to play a key role