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WSJ: Binance ignored evidence of market manipulation by DWF Labs

Alexey BondarevMay, 09 2024 22:27

#Binance #Crypto Exchange

WSJ: Binance ignored evidence of market manipulation by DWF Labs

According to sources cited by The Wall Street Journal, Binance's surveillance team found evidence of market manipulation by market maker DWF Labs, but the cryptocurrency exchange's management ignored it. DWF Labs' fictitious trading was discovered during an internal investigation using Binance's software tools. When the evidence was presented to the management of the exchange, they fired the head of the supervisory service.

Sources claim that Binance neglected and ignored evidence of market manipulation, specifically related to inflated trading volumes of the YGG token and at least six other coins, which allegedly brought the company more than $300 million. DWF Labs denied the accusations, stating they are unfounded and distort the facts. As per the sources, Binance fired the head of the supervisory service after the findings.

DWF Labs called the accusations unfounded and distorting the facts.

Alexey Bondarev

Alexey Bondarev is the Head of Content at Yellow.com, having reported on crypto for the last 10 years. He specializes in in-depth Research and Learn pieces, with a focus on analytical reporting, industry context, and the bigger forces shaping crypto, from the AI era and security technologies to fintech innovation. He believes that everything digital will imminently overcome everything analogue and is working hard to make that come true.

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WSJ: Binance ignored evidence of market manipulation by DWF Labs | Yellow