DWF Labs has recently carried out a substantial financial development, catching the attention of the crypto community. Spot On Chain, a famous on-chain analytics firm, disclosed that DWF Labs reportedly deposited the entirety of 12.5M $CRV tokens to Binance, resulting in a potential loss of $875K. The analytics provider took to its official social media account to provide the details of the respective incident.
DWF Labs has deposited all their OTC-bought $CRV to Binance at a loss!In the past 28 hours, @DWFLabs deposited all 12.5M $CRV ($4.12M) to #Binance, of which the last 10.5M $CRV ($3.44M) was transferred out 9 hours ago.With an OTC-buying price of $0.4 and an average… https://t.co/vbpeq1WLaU pic.twitter.com/LbBkxnVY6c
— Spot On Chain (@spotonchain) August 23, 2024
DWF Labs Incurs a $875K Loss Following Depositing 12.5M $CRV to Binance
In its recent X post, Spot On Chain revealed that DWF Labs transacted 12.5M $CRV coins to Binance in total. It reportedly conducted this transaction in the past twenty-eight hours. The respective figure accounts for a staggering $4.12 million. Interestingly, the last section of the respective transaction took into account approximately 10.5M $CRV coins. This equals a value of nearly $3.44 million. This proportion was transacted just nine hours back.
The respective series of transfers has raised several concerns. Such a big token transfer to Binance or other centralized exchanges is normally linked to a sell-off intention. A crucial thing that increases the intriguing nature of this situation deals with the potential financial loss of DWF Labs based on these transactions.
The Potential Loss Equals 17.5% of DWF Labs’ Cumulative $CRV Holdings
The platform reportedly obtained the $CRV coins via an OTC deal with a per-token price of approximately $0.40. Nonetheless, the average token price at the time of deposit was just $0.33. This huge price difference highlights a likely enormous loss on the part of DWF Labs. Spot On Chain claimed that DWF Labs has lost almost $875,000, equaling a 17.5% loss in the case of the cumulative value of the $CRV holdings.
