Yesterday (15), blockchain intelligence company ChainArgos accused the Polygon Foundation of misconduct in the distribution process of the MATIC token, suggesting possible improper collaboration with Binance. However, there is currently no further evidence to confirm the truth of this matter.
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The blockchain’s information is open and transparent, and any unclear flow of funds can be discovered. Yesterday (15), ChainArgos, a blockchain intelligence company, exposed suspicions regarding the distribution of the Polygon token. They accused the Polygon Foundation of misappropriating MATIC tokens and selling them to the community, directly pointing to improper collaboration with Binance.
The mystery of over 400 million MATIC tokens lost
ChainArgos discovered a major 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 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 questions about the Foundation’s handling of funds and raised concerns about 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 address labeled “Binance 33” on Etherscan. They found that an address starting with 0x2f4 received 300 million MATIC tokens from “Binance 33” and received 467 million MATIC tokens from a wallet labeled “Matic: Marketing and Ecosystem.”
In the following four years, this address transferred a total of 767 million MATIC tokens to Binance, worth approximately $1 billion. At the same time, ChainArgos pointed out that these transfer activities significantly affected the price of MATIC. Therefore, ChainArgos suspects that there may be improper collaboration between the Polygon team and Binance, suggesting 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.
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