by The Wall Street Journal, both Binance co-founder Yi He and market make DWF Labs have denied any involvement.the media report as an occurrence that “greatly increased our exposure and saved us a lot of marketing budget.” However, the co-founder denied any of the allegations made against Binance, writing:
“I have noticed an interesting phenomenon where some mainstream media articles are increasingly driven by emotions and biases rather than facts. For example, the complaints of former employees can become the basis of an article, while Binance’s proactive assistance to law enforcement agencies in investigating and apprehending the mastermind behind Zkasino is not deemed worthy of reporting.
Earlier on May 9, a Wall Street Journal report claimed that DWF Labs, one of Binance’s largest trading clients, engaged in market manipulation, wash trading and inflated trading volumes amounting to $300 million through deals with crypto projects. After the exchange’s surveillance team recommended offboarding the client, Binance allegedly sided with DWF Labs and fired the investigator, arguing insufficient evidence for the claim..
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