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In October 2023, Andrei Grachev, a DWF Russian managing partner Andrei Grachev, posted a photo of the Lamborghini luxury car and the text “DWF Lambo” on social media.It attracted the attention of the encryption industry–Why does this size not seem to be a large -scale encrypted agency in charge of the Lamborghini supercar?
Andre Glajev is 36 years old. He is the head of the Russian branch of Huobi, a cryptocurrency exchange. The information shows that he is the co -founder of DWF Labs, but he is resident in Switzerland.
The role of DWF LABS in the encryption market is a city merchant (MM), a middleman company that sells assets at the same time, and usually does not care about rising or declined asset prices.The role of market merchants is to improve market liquidity and make it easier for participants to buy and sell assets.EssenceIn traditional finance, the marketing merchants must maintain neutral price in accordance with the rules they use.
On Binance’s trading platform, the label of DWF Labs is“VIP 9”This label means that the company’s monthly transaction volume reaches at least $ 4 billion, and at this level, Binance usually provides discounts on transaction expenses and enjoy private customer manager services.
According to a person who is familiar with the situation of the operation of Ninjian, Binance does not require the city merchants to sign any specific agreement to manage their transactions, which means that to a large extent, Binance allows city merchantstrade.However, a spokesman for the Binance said that all users on the platform must comply with the general use clauses for the prohibition of market control.
However, according to a proposal document sent to potential customers in 2022, DWF LABS did not adopt the price of price in price, butIt is proposed to use its active trading position to push the price of the token, and create the so -called “human transaction volume” on a exchange including Binance to attract other tradersEssenceIn a report for a customer of a token project that year, DWF even directly wrote that the agency successfully generated the manual transaction volume equivalent to two -thirds of the token, and was working hard to create a “credible transaction that was a credible transaction.”Believable TRADING PATTERN” “, if you cooperate with DWF Labs, you can bring to the project token“Bullish Sentime” “Essence
The YGG incident allows the DWF market to manipulate the problem
In August 2023, Binance announced the listing of high -leveraged derivatives related to YGG token. YGG was the original currency issued by the Chain Tour Guild Yield Guild Games and a company invested by DWF Labs. The company had previously agreed to DWF LabsThe sale of tokens worth 10 million US dollars accounted for about a quarter of its market value at that time.
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Andrei Grachev has touted YGG on social media, claiming that listing will bring “sustainability and strength” to the token.To.
The cryptocurrency industry noticed this fluctuations, and the other two other municipal business companies expressed their concerns to DWF Labs in private.One of them complained to DWF LABS transactions to the department of VIP customers who handled VIP customers. The department reported the matter to Binance’s market monitoring team. Soon, in September 2023, Binance’s market monitoring teamStart a survey of DWF Labs.
Investigation and dismissal
According to insiders inside Binance, its investigators found that DWF Labs was suspected of manipulating the price of YGG and at least six other tokens, and in 2023, more than 300 million US dollars was carried out.Violation of the use of the use of Binance.
Not only that, it is said that the investigators have also discovered that a certain scale has formed a certain scale on the Binance trading platform, especially among the VIP customers relying on Binance Business Institute, last year’s head transaction customers (monthly transactions exceeded 100 million US dollars in $ 100 millionTraders) have two -thirds of the total transaction volume of the Binance platform. Therefore, investigators suggested that hundreds of customers who violated the use of use clauses before the first half of 2023.
In the incident of DWF Labs, the investigation found that after the Andrei Grachev tweeted the YGG, DWF sold nearly 5 million tokens at two batches at the peak of the market at the peak of the market, causing token prices to collapse, and YGG jointly founded the joint foundingHuman Gabby Dizon claimed that he did not know the results of Binance’s investigation.
In late September 2023, the Binance market investigation team submitted a report, arguing that DWF Labs had suspected market manipulation behavior, and suggested that Binance removed DWF Labs, but things seemed to change again.
In the next few days, the heads of the VIP customer department and their employees questioned the results of the investigation and complained to the company’s leadership.As a result, the Binance executives said that the market research team did not have sufficient evidence that DWF Labs participated in market manipulation, and the foundation of the car found that it might be accidental self -transactions, which may not constitute a manipulation behavior.Binance also believes that the person in charge of the market investigation team and competitors who initially filed a complaint DWF Labs cooperated too closely in this case. One week later, Binance said that it saved the cost of several investigators involved in the matter.
Response from all parties
There is no doubt that Binance has played a pivotal role in the current global digital currency economy. At present, there are about 400 types of cryptocurrencies on the Binance platform, and it provides derivatives that allow users to bet on price directions. The number of Binance users is more.It is as high as 190 million. Industry data shows that the value of spot and derivatives processed in March is worth more than $ 4 trillion.
According to the Wall Street Journal, a former insider of Binance’s former company said that Binance seems to be manipulating in the market of DWF LABS. Due to the huge transaction volume of DWF Labs, Binance not only did not follow the market research team’s suggestions from the market research teamTo prevent DWF Labs, the staff who investigated the investigator were fired. The purpose of doing so is likely to earn high transaction costs from large customers.
In response, the spokesman of the Binance stated that he did not agree with any statement about its permission, and Binance was also given priority to improving the compliance function.With behavior and action, Binance will not favor any individual users for the security of the platform, no matter how large the scale is. “
At the same time, the spokesman also pointed out that Binance would not easily make a decision to remove the user, and there was enough evidence to prove that they violated the use terms.In any circumstances, Binance will not carry out transactions for profit, nor will it manipulate the market, and adds that its operations are “strictly reviewed.”The spokesman disclosed that in the past three years, Binance has closed nearly 355,000 user accounts due to illegal acts, involving the transaction value of more than $ 2.5 trillion.
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Just after the Wall Street Journal disclosed that DWF Labs had the problem of launching and selling transactions and potential market manipulation on the Binance trading platform, Binance responded on the social media platform on the evening of May 9 and wrote:
“Binance resolutely refutes any statement about its market monitoring plan allows the market to manipulate the market. Binance has a powerful market supervision framework to identify market abuse and take action. Any users who violate the terms of use will be cleared upRetreat will never tolerate the market abuse.An An’s security of the platform is prioritized and will not favor any individual, no matter how large the scale is.Evidence proves that users violate our use clauses. In addition, Inca Digital has recently conducted independent investigations on the monitoring of the Binance Market, verifying the effectiveness of the method, and discovering the minimum traces of abnormal trading activities.”
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As a partner of this incident, DWF Labs also posted a response and wrote in social media:
“DWF Labs hopes to clarify that many of the recent media reports have been unique and distorted the facts. DWF Labs operates according to the highest integrity, transparency and moral standards, and is still committed to supporting more than 700 partners.”
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Subsequently, the co -founder and chief customer service officer of Binance interpreted the response to Binance, which emphasized that Binance has been doing MM (as a market business) market monitoring, and it is very strict, but it is not targeted at any fund. Do it.There are competition between city and merchants and the means are dark, implying that some city merchants have PR behaviors, but do not involve Binance. Binance will guarantee their own fairness and do not participate, but they will also truthfully report to Monitor and other regulatory authorities.EssenceHe Yi also added:
“Everyone will be affected by their own culture, background and prejudice. Thank you very much for WSJ’s constant long -term investment in currency security. It has helped us add a lot of exposure and save a lot of budgets; but I found that an interesting phenomenon is that some mainstream media articlesBeginning the output of emotions and prejudice is no longer based on the facts, such as complaints (views) of resiggering employees can become articles; and Binance helps law enforcement departments to actively investigate and report the main criminal of ZKASINO (fact).
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Judging from where the response, this incident seemed to be caused by the struggle between the city merchants. It is likely that competitors have posted some negative news on the media for the public relations to combat market institutions like DWF Labs.
On the day of the “Wall Street Journal”, Binance announced that it had launched a new issue of Singapore Coin mining project. At least from the current point of view, Binance was not too affected by the matter.
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