In a series of recent disclosures regarding social media platform X, blockchain intelligence firm ChainArgos uncovered a number of serious allegations against the Polygon network. The accusations revolve around altcoin allocations and suspicious transfers to various exchanges, casting a shadow over the transparency of the popular blockchain.
Critical claims for altcoin MATIC
ChainArgos conducted extensive research highlighting discrepancies between Polygon’s officially stated token allocation plans and the observed movement of tokens. The focus revolves around the allocation of tokens for Launchpad Sale and Staking, which are critical areas for the functioning of the network. To verify its claims, ChainArgos meticulously documented its findings in a spreadsheet accessible online. He then compared the expected token amounts to the actual allocations. The research points to two important contracts within the Polygon network: a “entitlement contract” responsible for unlocking token flows and a “base contract” that governs all token allocations.
ChainArgos claims that the charter controls a total of 10 billion tokens. The research found a discrepancy in stake allocations, with a cumulative flow of 0 to 800 million, as opposed to the expected range of 400 million to 1.2 billion. Surprisingly, approximately 400 million “missing” tokens were allegedly transferred to an address labeled “Binance 33” on Etherscan. Subsequent exits from this address, unrelated to staking activities, further increased suspicions.
Allegation of collusion with Binance
ChainArgos investigated the transactions further and discovered that address 0x2f4Ee65D536c5a2Dd72004778167B30aeCb8719C received 300 million MATIC from address “Binance 33”. Interestingly, this address also received a significant amount ($467 million) from a wallet labeled “Matic: Marketing & Ecosystem” on Etherscan. The same address later sent 767 million tokens to Binance exchange wallets.
The blockchain intelligence firm alleges collusion between the Polygon team and Binance, implying that nearly a billion dollars worth of tokens were illegally transferred. ChainArgos also notes that outflows from the specified address are associated with significant market movements, indicating potential market manipulation.
These surprising statements from ChainArgos raised concerns within the crypto community, raising questions about the integrity and transparency of the Polygon network. As the allegations emerge, the crypto community looks forward to addressing these serious allegations and providing clarity regarding the alleged discrepancies in altcoin allocations and suspected collusion with Binance. However, it is important to underline that these are only allegations.
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