DWF Labs has made a strategic move by depositing 3 million TOKEN ($322,000) onto the platform Gate.io. This comes after the company received 120 million TOKEN from the Floki team on November 1, 2023, at a price of $0.031 per TOKEN. DWF Labs has now deposited approximately 90.94 million TOKEN at an approximate value of $0.07 per TOKEN on various centralized exchanges (CEXs), resulting in a significant increase in value of 228%.
Despite these financial moves, DWF Labs still holds 29.67 million TOKEN, equivalent to $3.18 million, making it the fifth-largest asset in their portfolio. However, these transactions have taken place amidst controversy surrounding the company. Earlier this month, DWF Labs faced allegations of engaging in $300 million worth of wash trading on Binance throughout 2023.
Responding to these allegations, DWF Labs denied them and stated that they were unfounded and did not accurately represent their ethical business practices. These accusations were made in a report by The Wall Street Journal, which claimed that Binance’s internal investigators had discovered evidence of market manipulation on the exchange. Specifically, DWF Labs was accused of manipulating the price of the YGG token and several others, leading to wash trades worth over $300 million. However, Binance’s investigation did not find sufficient evidence to support these claims, resulting in the rejection of the request to remove DWF Labs from the platform and the dismissal of the head of the surveillance team.
Despite these controversies, DWF Labs continues to make strategic moves, such as depositing TOKEN onto Gate.io, in order to maximize their investment and strengthen their position in the market.