DWF Labs refutes claims of wash trading on Binance, House of Representatives overturns SEC bill and Fantasy Top hits $9 million in earnings.
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DWF Labs Refutes Claims of $300M Wash Trading on Binance

DWF Labs Refutes Claims of $300M Wash Trading on Binance

DWF Labs refutes claims of wash trading on Binance, House of Representatives overturns SEC bill and Fantasy Top hits $9 million in earnings.

Date:
May 10, 2024
| Issue
#
275

Welcome to another edition of Datawallet Daily. As always, we have scoured Crypto Twitter and the news to bring you the top stories of the last 24 hours:

DWF Labs Refutes Claims of $300M Wash Trading on Binance

A Wall Street Journal report revealed that Binance fired an investigator who found evidence of market manipulation by DWF Labs, a prominent client. The former Binance market-surveillance team member discovered that DWF Labs was involved in wash trading and pump-and-dump schemes, particularly handling trades exceeding $100 million monthly. 

Binance’s investigation deemed there was insufficient evidence to fully substantiate these claims, leading to the dismissal of the team head shortly after the report was submitted. 

In response, Binance reiterated its commitment to combating market manipulation, stressing the offboarding of nearly 355,000 users over the past three years for violations. DWF Labs has refuted the allegations, claiming they distort facts.

House Votes to Overturn SEC’s Anti-Crypto Banking Guidance 

The U.S. House of Representatives passed a bipartisan bill to overturn the SEC’s Staff Accounting Bulletin No. 121 (SAB 121), which mandates that banks must include customers’ crypto assets on their own balance sheets, a policy not required for traditional assets like securities. This SEC directive faced opposition for discouraging banks from acting as crypto custodians. 

Despite the House’s approval, President Joe Biden announced his intent to veto the bill, reinforcing his administration’s commitment to maintaining a robust regulatory framework to protect investors and ensure financial stability within crypto-asset markets.

‘Fantasy Top’ Becomes One of the Most Profitable Crypto Apps

The Ethereum-based game “Fantasy Top” has rapidly emerged as one of the most profitable crypto applications, generating significant fee revenue on the layer-2 network Blast. In its first week, Fantasy Top, which features NFT-based trading cards of Crypto Twitter influencers, ranked as the fifth most profitable crypto protocol with $9.31 million in earnings. 

The game blends elements of fantasy sports with NFT collectibles, where players assemble lineups of influencer-inspired cards and earn points based on the actual social media engagement of these influencers. 

Despite its success, the game faced challenges with manipulation via automated bots during its initial competition, prompting an early conclusion and a commitment to address these issues moving forward.

Bitcoin Mining Difficulty Sees Largest Drop Since December 2022

Bitcoin mining difficulty has seen its most significant decrease since December 2022, dropping 5.7% to an index of 83.1 trillion. This adjustment follows a 10% decrease in the network’s hash rate from the previous measurement. Factors influencing these changes include a fall in Bitcoin’s price and the aftermath of Bitcoin’s fourth halving event, which occurred on April 20, reducing block rewards. 

This decline in difficulty aims to balance the block discovery rate, ensuring consistent block times of around 10 minutes. This adjustment could potentially ease conditions for miners struggling post-halving.

Other breaking news

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