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DWF Labs denies report that it did $300 million of wash trading on Binance last year

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DWF Labs News

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Trading and market-making firm DWF Labs has denied reports that it engaged in $300 million of wash trading on Binance in 2023.

Crypto trading and market-making firm DWF Labs denied reports that it engaged in $300 million of wash trading on Binance in 2023.

In late 2023, this surveillance team claimed that DWF Labs had manipulated the price of the YGG token and at least six other tokens, the WSJ said, and processed more than $300 million of wash trades that year — recommending the client be removed. The article also reiterated previous reporting by The Block that DWF Labs offered clients the ability to drive up the prices of their tokens and create "artificial volume," according to documents it had provided to clients.

 

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