Binance Denies Reports Of DWF Labs Market Manipulation
Binance has denied the latest allegations surrounding alleged market manipulation from DWF Labs.
Allegations over DWF Labs’s alleged market manipulation have reemerged. An anonymous source claiming to be a former Binance insider said that Binance investigators uncovered $300 million worth of wash trading from DWF during 2023, according to a May 9 WSJ report.
According to the WSJ report, DWF Labs’ manipulated the price of the Yield Guild Game (YGG) token and at least six other cryptocurrencies last year. However, Binance said that its surveillance program would make this impossible.
Investigating potential market manipulation is a top priority for Binance, the world’s largest exchange, which is also evidenced by independent investigations, Binance’s spokesperson added.
(With inputs from Shikha Singh)
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