Bombshell Report: Polygon Team’s Secret MATIC Sales Lead To Depressed Price
15 Januar 2024 - 2:00PM
NEWSBTC
In a detailed analysis released by crypto intelligence firm
ChainArgos, allegations have surfaced about the Polygon team’s
involvement in secret sales of MATIC tokens, potentially leading to
a suppression of the token’s price. The revelations stem from an
in-depth examination of the token allocations and subsequent flows
to various exchanges. ChainArgos, in a series of statements on X
(formerly Twitter), elaborated on discrepancies between Polygon’s
publicly stated token allocation plan and the actual flows
observed. Notably, the firm identified irregular outflows from a
“vesting contract” and a foundation contract, which ostensibly
manages the allocations. ChainArgos highlighted, “When you look at
the flows you find a ‘vesting contract’ which mechanically unlocks
all flows… That shape is odd and the gaps are all different sizes,”
ChainArgos reported, indicating potential irregularities. $1
Billion In MATIC Sold In Stealth Modus? A critical point of concern
is the supposed allocation for staking. ChainArgos’s analysis
suggests that while the allocation table indicated a range from 400
million to 1.2 billion MATIC for staking, the actual flow into the
staking contract started from zero and only reached 800 million.
Related Reading: Polygon NFTs Explode: 6-Month High Volume Ignites
Market – Details This discrepancy of 400 million MATIC was traced
to an address labelled ‘Binance 33’ on Etherscan, which ChainArgos
asserts is not associated with staking activities. This address,
interestingly, was also involved in a significant flow of 300
million MATIC to another address, which in turn sent 767 million
MATIC to Binance exchange wallets. “467 million [came] from the
Etherscan-labeled “Matic: Marketing & Ecosystem wallet,”
ChainArgos notes. The firm further argues that this pattern of
outflows is a clear indicator of price manipulation, suggesting a
coordinated effort by the Polygon team and Binance to discreetly
move large amounts of MATIC. “So this isn’t just some
Binance-adjacent thing. The team and Binance are clearly working
together to feed these tokens out the back, such as it is. As we
are talking about 767 million tokens with a price somewhere roughly
$1-$2, this is something like a billion dollars”, the crypto
intelligence firm claims. The firm also correlated the outflows
from the address 0x2f4Ee with the MATIC price chart, suggesting
that these movements were indicative of impending price tops and
subsequent declines. ChainArgos claims, “Now let’s look at the
outflows from 0x2f4ee over time. Bring up a price chart. We leave
it as an exercise for the reader to work out this is *very
obviously* a good indicator for an upcoming top and subsequent move
lower.” Lack Of Transparency, More Inconsistencies? ChainArgos
criticized the lack of transparency and oversight in these
transactions, urging investors to be more diligent and questioning
where their funds are being allocated. “This is not even well
hidden. Again this has been in our demo for a while. This example
is published as part of our docs. Because none of this is difficult
to find. Do better “investors.” Also, maybe, ask where your money
went,” ChainArgos states. Related Reading: Polygon SAGA Airdrop: A
Game-Changer For MATIC Investors? For context, the Polygon token
supply distribution includes various categories such as Private
Sale tokens (3.80% of the total supply), Launchpad sale tokens
(19%), Team tokens (16%), Advisors tokens (4%), Network Operations
tokens (12%), Foundation tokens (21.86%), and Ecosystem tokens
(23.33%). The Launchpad sale, in particular, was conducted in April
2019, raising approximately $5,000,000 USD. This report raises
serious questions about the integrity of token allocations and the
potential for market manipulation within the crypto space. At press
time, the Polygon team had not yet responded to ChainArgos’ report.
MATIC traded at $0.86, up 11.6% in the last seven days. Featured
image from iStock, chart from TradingView.com
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