Crypto market in a deep trouble‼️
More and more bad news is coming from the regulators. Just the other day, the #Robinhood trading platform reported that they received a Wells Notice, which usually precedes enforcement actions by the U.S. SEC. Prior to that, the #Uniswap exchange received the same notice. Today, The Wall Street Journal ran a story regarding market maker DWF Labs.
They wrote that analysts of #Binance Surveillance found signs of market manipulation by market maker DWF Labs. According to #WSJ the #DWFLabs market maker manipulated the price of the #YGG token and at least six other tokens and made over $300 million on fictitious trades in 2023. That said, #WSJ says in their article that Binance fired the head of oversight after he noted suspicions of market manipulation by DWF. looks like all of this is the beginning or preparation of an attack on DWFLabs.
I am not at all surprised by this. Market makers are in the market just to do pump & dump and transfer liquidity from your wallets to their pockets. I am worried about something else, while on the one hand all banks and funds are talking about the prospects of Bitcoin ETFs and how soon everyone will "Fly to the Moon", on the other hand regulators are tightening the strings around the necks of dubious and not so dubious crypto-players. And that's bad for the crypto market... very bad!
Just in case I remind you that DWFLabs has not critical, but sufficient for FUD shares of tokens in many projects. And also acts as an important market maker (for example, for #TONCOIN and #NOTCOIN).
