The Polygon Foundation recently found itself at the center of a controversy surrounding the allocation of its MATIC tokens.
Detailed analysis by ChainArgos raised significant questions about the adherence of Polygon’s token distribution to its publicly stated plan, especially regarding the launchpad sale and staking tokens.
Polygon’s Suspicious Activity
A ChainArgos investigation revealed anomalies in the Polygon Foundation’s token flows. A notable observation was the unusual pattern of outflows from a “vesting contract” responsible for unlocking token flows. Additionally, the foundation’s contract, which ostensibly manages both the foundation’s operations and token allocations, displayed irregular outflows.
The analysis took a deeper dive into the foundation’s outflows, with the top entry of 1.2 billion MATIC tokens seemingly aligning with the launchpad initiative. However, it was the staking contract flows that raised eyebrows.
The allocation table indicated a flow from 400 million to 1.2 billion MATIC, but actual data depicted a different story. The discrepancy of 400 million tokens appeared to be channeled to an address labeled ‘Binance 33’ on Etherscan.
Read more: Tokenomics Explained: The Economics of Cryptocurrency Tokens
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Author: Harsh Notariya
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