DWF Labs Co-founder Denies Involvement In Market Manipulation

DWF Labs has been showing great presence in the market for a couple of months, with an average of five crypto projects every month.
DWF Labs Co founder Denies Involvement In Market Manipulation

The co-founder of DWF Labs, Andrei Grachev, denied allegations that the firm was involved in market manipulation. 

Andrei clarified the firm’s role in an interview with BlockBeats, stating that DWF Labs has invested in several crypto projects that are signified and labeled as market making. He said that the investment firm does more than just provide funding for projects. 

“We are not involved in any manipulation. [ ] … Of course we have the futures market, and for us that is our tool for hedging our positions and our trading club we are completely different from directional traders,” he said.

At Token2049, a flagship crypto event organized on 18-19 September in Singapore, popular market maker firm Wintermute alleged that DWF is manipulating markets rather than providing liquidity for ecosystem growth. Wintermute further said that DWF declares its investments as OTC transactions.

While talking about the inception of the fund, Andrei said that DWF Labs started its journey with no investors. The firm started trading with an initial amount of $50,000 in 2018 with the help of Andrei’s industry connections. He served as the CEO of Huobi’s operations in Russia. 

DWF Labs is a Singapore based web3 investment company that has gained significant attention from the crypto community over the past couple of months, investing in an average of five crypto projects every month. 

The firm has invested in numerous projects in recent times, including Synthetix, Coin98, Yield Guild Games, Ton, Conflux, and several others. Out of which three currencies, YGG, DODO, and C98, followed the same trend of skyrocketing and plummeting.  Though there is no direct evidence that DWF participated in this smashing activity, the wallet address marked as DWF by many on-chain institutions has different characteristics.

“The projects invested in by DWF Labs focus on the encryption industry, but it also has an uneasy and restless heart, hoping to expand into a larger range of traditional financial markets,” Andrei said.

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