Binance has refuted recent claims made by DWF Labs regarding alleged market manipulation. An undisclosed individual, purporting to be a former insider at Binance, stated that Binance investigators had discovered $300 million worth of wash trading conducted by DWF Labs in 2023. However, Binance has denied these reports. A representative from Binance informed Cointelegraph that their surveillance program would prevent such manipulation from occurring. They further emphasized that Binance actively bans traders found engaging in market manipulation. Investigating potential instances of market manipulation is a top priority for Binance, the world’s largest exchange, as evidenced by independent investigations, according to the spokesperson. DWF Labs, an investment and market-making firm in the Web3 space, previously faced market manipulation allegations in September after on-chain activity caught the attention of cryptocurrency investors. Wintermute, an algorithmic trading firm and market maker, was one of the first entities to accuse DWF Labs of engaging in crypto market manipulation. During an interview at Token2049, Yoann Turpin, co-founder of Wintermute, stated that DWF Labs did not fit their definition of market makers and confused users by treating over-the-counter trades as investments. Andrei Grachev, co-founder of DWF Labs, strongly denied these allegations. In related news, a trader suffered significant losses due to the 0L Network hard fork.
Binance refutes allegations of market manipulation by DWF Labs