Allegations over DWF Labs’s alleged market manipulation have reemerged. An anonymous source claiming to be a former Binance insider said that Binance investigators uncovered $300 million worth of wash trading from DWF during 2023, according to a May 9 WSJWhen asked about the market manipulation incident, Binance denied the reports. A Binance spokesperson told Cointelegraph:
According to the WSJ report, DWF Labs’ manipulated the price of the Yield Guild Game token and at least six other cryptocurrencies last year. However, Binance said that its surveillance program would make this impossible. “Over the last three years, we have offboarded nearly 355,000 users with a transaction volume of more than $2.5 trillion for violating our terms of use.”
"A recent independent investigation from Inca Digital into Binance’s market surveillance practices validates the effectiveness of our approach, finding 'minimal signs of anomalous trading activities.'"DWF Labs, a Web3 investment and market-making firm, was first hit by market manipulation allegations last September after high-volume on-chain activity raised the eyebrows of crypto investors.
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Binance Labs shifts investment focus to Bitcoin DeFiBTCFi protocols are gaining traction ahead of the anticipated Bitcoin halving event on April 19. Can they match Ethereum-native DeFi in the future?
Source: Cointelegraph - 🏆 562. / 51 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »