According to the Wall Street Journal, Binance Oversight Team determined that DWF Labs engaged in market manipulation.
Binance fired its Head of Oversight after finding DWF Labs engaged in market manipulation.
According to the WSJ, Binance researchers found that DWF manipulated the price of YGG and at least six altcoins and made over $300 million from these transactions in 2023.
BINANCE PLEDGED TO THWART SUSPICIOUS TRADING—UNTIL IT INVOLVED A LAMBORGHINI-LOVING HIGH ROLLER
Binance's investigators found that DWF manipulated the price of YGG and at least six other tokens, and made over $300 million in wash trades in 2023,https://t.co/Tc7GLE51BH
— *Walter Bloomberg (@DeItaone) May 9, 2024
WSJ added that former members of Binance said the dismissal of the head of oversight showed the exchange neglected evidence of market manipulation.
UPDATE – 13:05 (UTC+3)
Following WSJ's news, a statement came from DWF Labs. DWF Labs stated that the claims were unfounded.
“To our valued partners: We would like to point out that many claims recently published in the press are unfounded and distort the facts.
DWF Labs operates with the highest standards of integrity, transparency and ethics, and we are committed to supporting you and our 700+ partners in the crypto ecosystem.”
To our valued partners: We want to clarify that many recent allegations reported in the press are unfounded and distort the facts.
DWF Labs operates with the highest standards of integrity, transparency, and ethics, and we remain committed to supporting you and our over 700… pic.twitter.com/aydp1hoham
— DWF Labs (@DWFLabs) May 9, 2024
