Cryptocurrency intelligence firm ChainArgos has released a detailed analysis highlighting potential irregularities in the token allocations and flows of MATIC, the native cryptocurrency of the Polygon network. The investigation raises serious questions about the integrity of token allocations and suggests a coordinated effort by the Polygon team and Binance to manipulate the price of MATIC. This article critically examines the findings of the analysis and underscores the need for transparency and oversight in the crypto space.
ChainArgos points out several discrepancies between Polygon’s publicly stated token allocation plan and the observed flows. The analysis reveals irregular outflows from a “vesting contract” and a foundation contract, which are supposed to manage the allocations. The shapes and sizes of these gaps in the flows indicate potential irregularities, according to ChainArgos. The firm identifies a critical concern in the staking allocation, where the actual flow into the staking contract falls short by 400 million MATIC compared to the allocated range. Furthermore, ChainArgos traces this shortfall to an address labeled “Binance 33” on Etherscan, suggesting that it is not associated with staking activities. Interestingly, this address is also involved in significant flows of MATIC to other addresses and eventually to Binance exchange wallets.
By analyzing the outflows from the address 0x2f4ee and correlating them with the MATIC price chart, ChainArgos suggests that these movements may indicate impending price tops and subsequent declines. This observation strengthens the firm’s claim that there is a clear indication of price manipulation through coordinated efforts between the Polygon team and Binance. ChainArgos estimates that approximately 767 million MATIC tokens, valued at around a billion dollars, have been discreetly moved. This alleged manipulation raises serious concerns about the integrity and fairness of the market.
One of the main criticisms raised by ChainArgos is the lack of transparency and oversight in these token transactions. The firm urges investors to be more diligent and question where their funds are being allocated. ChainArgos asserts that the evidence of such activities is readily available and not difficult to find, indicating that investors need to take greater responsibility for their investments.
To provide context, the article outlines the distribution of the Polygon token supply, which includes various categories such as Private Sale tokens, Launchpad sale tokens, Team tokens, Advisors tokens, Network Operations tokens, Foundation tokens, and Ecosystem tokens. The Launchpad sale, conducted in April 2019, raised approximately $5,000,000 USD.
The revelations of alleged MATIC token manipulation, as reported by ChainArgos, raise serious concerns about the integrity of token allocations and the potential for market manipulation within the crypto space. The analysis emphasizes the need for transparency, oversight, and greater due diligence by investors. It remains to be seen how the Polygon team will respond to these allegations. As the crypto market continues to evolve, it is essential for participants to prioritize integrity and ensure a fair and transparent environment for all investors.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell, or hold any investments. Investing in cryptocurrencies carries risks, and readers are advised to conduct their own research before making any investment decisions. The information provided in this article is entirely at the readers’ own risk.
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