According to the Wall Street Journal, Binance Oversight Team determined that DWF Labs engaged in market manipulation.
According to the WSJ, Binance researchers found that DWF manipulated the price of YGG and at least six altcoins and made over $300 million from these transactions in 2023.
BINANCE PLEDGED TO THWART SUSPICIOUS TRADING—UNTIL IT INVOLVED A LAMBORGHINI-LOVING HIGH ROLLER
Binance’s investigators found that DWF manipulated the price of YGG and at least six other tokens, and made over $300 million in wash trades in 2023,https://t.co/Tc7GLE51BH
— *Walter Bloomberg (@DeItaone) May 9, 2024
WSJ added that former members of Binance said the dismissal of the head of oversight showed that the exchange neglected evidence of market manipulation.
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