The Polygon Foundation was recently reported by a leading blockchain analytics service, Lookonchain, to be selling large amounts of $MATIC tokens on leading cryptocurrency exchange Binance. The organization has recently denied it has been dumping on the market.

Sandeep Nailwal, the founder of Polygon Labs, responded to Lookonchain’s findings on the microblogging platform X (formerly known as Twitter), asserting that the addresses moving tokens to sell on Binance, which were associated with the Foundation had been mislabeled.

According to the data shared, two specific wallet addresses tagged as “Polygon Foundation: 0x8d36” and “Polygon Foundation: 0xf957” deposited over $5.5 million in $MATIC tokens on the leading cryptocurrency exchange over the past month, with over halfo f the funds being deposited in the last 48 hours.

In response to concerns raised by the CEO of Polygon Labs Marc Boiron, Lookonchain revealed that th wallet labels came from crypto analytics firm Nansen. Nansen itself responded that they go through a rigorous labeling process, and noted that the two wallets had strong links to Polygon team members.

Nevertheless, Nansen, valuing the importance of accuracy and its reputation in the financial tech community, decided to retract the labels from the wallets in question, citing Boiron’s public denial of the links.

Notably MATIC was one of the digital assets that has been recently delisted from a number of cryptocurrency trading platforms for users in the United States, including Robinhood and Revolut.

As CryptoGlobe reported, the United Kingdom-based financial technology giant disclosed earlier this year it was delisting three popular cryptocurrencies for its U.S. users, Cardano ($ADA), Polygon ($MATIC), and Solana ($SOL). The move came after these tokens were named as securities in the U.S. Securities and Exchange Commission’s (SEC) lawsuits against leading exchanges Binance and Coinbase.

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