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Binance Fires Surveillance Head Over DWF Labs' $300M Token Manipulation Claims

May 9, 2024, 10:53 AM

Binance, a major cryptocurrency exchange, has been embroiled in controversy after its internal surveillance team found evidence that DWF Labs, one of its clients, engaged in market manipulation. The team discovered that DWF Labs manipulated the price of YGG and at least six other tokens, resulting in over $300 million in wash trades during 2023. Despite these findings, Binance fired the head of surveillance after he flagged the suspected market manipulation. DWF Labs has denied the allegations, claiming that they operate with the highest standards of integrity and that the accusations are unfounded, distorting the facts.