Suspicious Whale Activities from Altcoin: What Do Huge Transfers Mean?

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According to ChainArgos, a blockchain intelligence firm, polygon There have been several suspicious flows to exchanges from . The firm claims that the Polygon network has not maintained its original token allocation plan, detailing its claims in X shared.

On January 15, ChainArgos shared information about Polygon’s token distributions. According to shared data, there is a “vesting contract” that mechanically unlocks all streams. This is separate from the trust charter, which operates the trust and manages the allocations. ChainArgos highlighted inconsistencies in vesting contract exits.

In the tracking sequence, the firm detected suspicious flows in a wallet that received approximately 340 million MATIC from the foundation. It was noted that the same wallet received another 130 million MATIC from an insider wallet. According to ChainArgos, the largest outflows it detected were transfers to a plasma bridge-related wallet and two other transfers to untagged wallets.

Meanwhile, ChainArgos stated that another 178 million MATIC was sent to Binance from one of the untagged wallets, and the last transfer occurred on May 23, 2021. The firm supported its claims by publishing a chart from Ethereum blockchain explorer Etherscan.

MATIC has rarely shown a significant uptrend in 2023, except for an initial rise at the beginning of the year. According to TradingView data, the blockchain token was traded at $0.8170 at the time of writing, a loss of 15% compared to its opening price on January 1, 2024.


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