In the wake of recent allegations of market manipulation, DWF Labs has been seen engaging in heavy on-chain activity, depositing and withdrawing millions in different tokens, including FRONT and BLZ.
These transactions have triggered a surge in scrutiny within the crypto community, leading to questions about their magnitude and ing close monitoring.
After denying any form of wrongdoing following Wintermute’s accusations, DWF Labs has been making a series of massive deposits and withdrawals from its wallets. According to Lookonchain analysis, DWF just recently withdrew about 100,787 FRONT ($44K) from Binance.
This transaction occurred shortly after another one of about 299,092 FRONT ($127K) from the same platform yesterday. As per the analysis, now the trading giant holds about 799,979 FRONT, which approximates $351K.
DWF Labs(@DWFLabs) withdrew 299,092 $FRONT($127K) from #Binance 4 hours ago and currently holds 699,192 $FRONT($299K). pic.twitter.com/wj5oQ4rsTk
— Lookonchain (@lookonchain) September 26, 2023
DWF’s dance with FRONT began approximately two months ago when the trading giant received a total of 100 tokens from Binance. A few days later, the trader acquired around 400,000 FRONT tokens before temporarily pausing its involvement until yesterday, when DWF renewed its interest in the token once again.
Further stirring the pot, DWF Labs recently received a substantial 5.73M BLZ (approximately $1.08M) from the Bluzelle Company Wallet. Shortly after, a nominal deposit of 10 BLZ was made to Binance as a test transaction. This small deposit was followed by an additional receipt of 11.4M BLZ ($1.62M) from the Bluzelle Company Wallet.
DWF Labs(@DWFLabs) received 5.73M $BLZ($1.08M) from Bluzelle Company Wallet just now and deposited 10 $BLZ to #Binance for testing. pic.twitter.com/EeE1I86uYH
— Lookonchain (@lookonchain) September 26, 2023
As per Etherscan stats, DWF just sent out a total of 11.46 million tokens a few hours ago.
These transactions have sparked intense speculation and rigorous scrutiny within the community, particularly following allegations made by Wintermute, a peer of DWF. Wintermute recently claimed that the crypto trader is engaged in market manipulation, going so far as to assert that DWF shows no regard for the state of the markets.
As reported a few days ago on CryptoPotato, DWF Labs has unequivocally denied these allegations, highlighting their investment in major crypto networks.
However, the community is still keeping a watchful eye on the situation. In fact, under one of Lookonchain’s tweets, a crypto investor, Huan High, alleged that these major transactions are a possible ‘dump.’ Moreover, a data analyst, Roman Zinovyev, created an analysis page on Dune, which tracks the wallets of DWF.
Binance, which has been the recipient of most of the tokens, has also been under the spotlight in the past for alleged market manipulation.
