DWF Labs, one of the most controversial market maker companies in the cryptocurrency market, was alleged to have made significant transactions involving Linear Finance (LINA) and Orbs (ORBS) tokens.
DWF Labs reportedly deposited 124.8 million LINA tokens, equivalent to $1.37 million, to Binance. The deposit was made at a price of $0.01096 per token. Interestingly, these tokens were received from Linear Finance developer wallets about 5 days ago. At that time, the value of these tokens was around $1.19 million.
Following these transactions, LINA's price increased by 9.53% in five hours. Now DWF Labs only holds $24 worth of LINA.
In another significant move, DWF Labs purchased 150 million ORBS tokens worth $6.55 million from the Orbs Pool Long-Term Reserves. This is noteworthy as the market maker previously deposited a total of 163.666 million ORBS tokens, equivalent to $5.96 million, at an average price of $0.03641 on Bithumb, Huobi, and Coinone between October 8-19, 2023.
Following these transactions, the price of ORBS recorded a significant increase of approximately 16% in the last 24 hours. Currently, DWF Labs holds 161.10 million ORBS tokens worth $7.09 million.
*This is not investment advice.
