Large Asset Transfer From DWF Labs To Binance Raises Eyebrows

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Large Asset Transfer From DWF Labs To Binance Raises Eyebrows
Credit: © Reuters.

Coin Edition -

  • DWF Labs transferred $5.83 million worth of assets to Binance, raising questions about their strategic objectives.
  • Notably, 329M JASMY and 1M FET were deposited, highlighting significant financial movements.
  • Profits of $6.3M (NYSE: MMM ) from JASMY and $5.22M from FET underscore DWF Labs’ financial prowess.

OnChain data sourced from SpotonChain has revealed a substantial movement of assets by DWF Labs to the renowned cryptocurrency exchange, Binance. The transaction, which transpired over the past seven hours, saw a staggering $5.83 million deposited into Binance, involving two primary assets.

The assets in question are 329 million JASMY, valued at $4.88 million at a rate of $0.01483 per unit, and 1 million FET, amounting to $954,000 at a rate of $0.954 each. The deposit originates from the address 0xddacad3b1edee8e2f5b2e84f658202534fcb0374, unequivocally linked to the entity DWF Labs.

Source: SpotonChain

Firstly, regarding JASMY, the entity has realized a substantial profit margin, totaling approximately $6.3 million. This was achieved through a series of transactions, including a withdrawal of 700 million JASMY from Gate.io, followed by subsequent deposits to Binance, resulting in significant gains. Notably, amidst these significant movements, DWF Labs engaged in numerous smaller withdrawals and deposits on various platforms. The JASMYcoin has gained 96% in the past week and 123% in the previous month.

Source: SpotonChain

Similarly, with FET, DWF Labs has recorded profits amounting to approximately $5.22 million. This was orchestrated through a well-calculated withdrawal from Binance, followed by judicious deposits back into the same platform, yielding considerable returns.

The company has successfully executed strategic asset movements, resulting in substantial profits exceeding $11.5 million across JASMY and FET. By leveraging timely withdrawals and deposits across various platforms, particularly Binance, DWF Labs has demonstrated its adept maneuvering skills within the cryptocurrency landscape and capitalised on the impressive market performance of both assets.

The post Large Asset Transfer From DWF Labs To Binance Raises Eyebrows appeared first on Coin Edition.

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