According to a report by the Wall Street Journal, the Binance exchange’s market surveillance team discovered that cryptocurrency market maker and investment institution DWF Labs was suspected of manipulating the market. Investigators pointed out that DWF Labs manipulated the market price of YGG and at least six other tokens during 2023, and earned more than $300 million in annual revenue through wash transactions.
However, the report pointed out that the head of Binance’s monitoring department was fired after reporting DWF’s alleged market manipulation. Former Binance insiders said that the firing of an internal investigator showed that the cryptocurrency exchange ignored market manipulation. evidence.
In response, DWF Labs quickly tweeted that many of the recent accusations reported by the media are unfounded and that DWF Labs always adheres to the highest standards of integrity, transparency and ethics.
To our valued partners: We want to clarify that many recent allegations reported in the press are unfounded and distort the facts. DWF Labs operates with the highest standards of integrity, transparency, and ethics, and we remain committed to supporting you and our over 700… pic.twitter.com/aydp1hoham
— DWF Labs (@DWFLabs) May 9, 2024
But in fact, DWF Labs has long been notorious in the cryptocurrency industry, and its evil practices of market manipulation are no longer news. Previously, the founders of Wintermute and GSR, two well-known cryptocurrency market makers, even publicly exchanged insults with the founder of DWF Labs on X.
This article WSJ: Binance investigators reported that DWF Labs was suspected of manipulating the market and pocketing at least $300 million. It first appeared on Zombit.
