Chain Argos reveals Polygon’s improper allocation of MATIC, hinting at the possibility of market manipulation with Binance

Blockchain information is open and transparent, ensuring that any unknown flow of funds may be discovered. According to blockchain intelligence company Chain Argos, there are doubts in the distribution of Polygon tokens. They accused the Polygon Foundation of improperly misappropriating MATIC tokens and selling them to the community in an improper manner, implying that it had an improper partnership with Binance. The allegation raised questions about the Polygon Foundation and attracted widespread attention.

The Mystery of Over 400 Million MATIC Lost

Chain Argos discovered significant discrepancies in the Polygon Foundation’s distribution of MATIC tokens. According to the public distribution plan, 1.2 billion MATIC tokens should be used for staking rewards, starting from 400 million and gradually increasing. However, an investigation by Chain Argos found that only approximately 800 million tokens were actually transferred to the staking contract, resulting in approximately 400 million MATIC being missing. The discovery raises questions about the foundation’s handling of funds, as well as concerns about questionable transfers of funds to exchanges.

Cumulative inflow of Polygon staking contract (unit: MATIC)

Potential connection between Binance and Polygon

Chain Argos further tracking At this time, these 400 million MATIC were transferred to the Etherscan address marked "Binance33". They found that an address starting with 0x2f4 received 300 million MATIC from “Binance33” and 467 million MATIC from a wallet labeled “Matic: Marketing and Ecosystem”.

This address transferred 767 million MATIC to the Binance exchange in the next four years, equivalent to approximately US$1 billion. It can be seen that these transfer behaviors have a significant impact on the price of MATIC. Therefore, Chain Argos suspects that there may be improper cooperation between the Polygon team and Binance, which hints at the possibility that the market may be manipulated.

Currently, Polygon officials and Binance have not commented on this matter. However, the price of MATIC has increased slightly over the past 24 hours, increasing by 0.4%, and the market reaction to this event has been relatively muted.

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