New Rumor. Is Polygon Selling Its Own $MATIC

GM Readers!📪 It's BitDegree Insider, and let's recharge our Web3 batteries.

⭐️Today's selection:

🤔Polygon Dumping Its Own $MATIC?
🧩️Answer To Thursday Quiz
👌Selected Meme of The Day
📰Bite-Sized News

IS POLYGON DUMPING ITS OWN $MATIC?

Onchain detectives "Lookonchain" reported that the Polygon Foundation had deposited over $5.5 million in $MATIC tokens on the Binance exchange in the last month.

Polygon Labs' CEO, Mark Buaron, quickly refuted these allegations. He asserted that the wallets involved in the transactions were incorrectly labeled by Nansen, an analytics firm. According to Buaron, these wallets are not owned or controlled by Polygon.

In turn, Nansen responded to the controversy by acknowledging that they had indeed labeled the wallets as being closely tied to Polygon. However, upon evaluating the potential reputational risks, the firm removed these labels. They added that this decision was made "as a goodwill gesture."

Interestingly, a comment from a random user on this topic has garnered widespread approval.

For Those Interested in Digging Deeper

If you'd like to conduct your own investigation, here are the wallet addresses in question:

0x8d365687a75dc7688864822869ae0551bb6fc105

0xf957fa14ea72a9ecd7bdc06c5be89a5a34c7aa89

According to their analysis, the mentioned two wallets are closely connected to the company's management, including the head of the investment department. Furthermore, one of these wallet addresses has been implicated in private rounds of $MATIC purchases.

While the entire situation had no significant impact on the day's trading price, what's truly fascinating is a comparison with $MATIC's original private sale price. In the seed round, $MATIC was priced at just $0.00079 per token. If compared to today's price, this represents a staggering 686x return on investment.

TL;DR: Rumors allege that the Polygon Foundation transferred $5.5M in $MATIC tokens to Binance. Polygon's CEO denies ownership of the involved wallets, while analytics firm Nansen removed labels linking the wallets to Polygon "as a gesture of goodwill."

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ANSWER TO YESTERDAY'S QUIZ

Yesterday we asked you to take a look at several "facts" about crypto and tell us which one of them was the fattest lie.

The thing is… The other 2 "facts" were not super correct as well. Well, they were not just plain lies. The things we do to add an extra layer of challenge for you!

Here's what I mean:

20% of all Bitcoin is stored in non-recoverable wallets. The correct version is the fact that there are indeed a lot of non-recoverable lost wallets containing Bitcoin, but no one knows the percentage.
The logo and name of Ethereum refer to anime. This one's a bit trickier. None of the Ethereum co-founders have explicitly answered the question of what inspired them to create Ethereum.

But the REAL FALSE FACT was this:

Coinbase is the first cryptocurrency exchange where Bitcoin appeared.

Here's the correct fact: the first online exchange (New Liberty Standard) where Bitcoin could be traded appeared back in October 2009, almost a year after the Bitcoin blockchain was launched. Around the same time, there was also the first purchase of Bitcoin for dollars.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

Binance Commits to Refunding $1M in USDT Over Recent CyberConnect Token Mishap. Users who experienced issues with redeeming their CYBER tokens will receive Binance's refund.
FBI Attributes $41 Million Stake Crypto Hack to North Korean Lazarus Group. It appears that Lazarus Group is not planning to stop draining the crypto ecosystem.
UK's FCA Extends Compliance Deadline for Crypto Marketing to January 2024. The three-month compliance extension will be given only to select companies.

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Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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