DWF Labs denies DEXE manipulation, says exchange records can verify trades

DWF Labs founder Andrei Grachev said rumors that the firm orchestrated price manipulation in DEXE were baseless, adding that all trades were executed on centralized exchanges and could be verified by those venues through the firm’s UID. Grachev said DWF Labs bought a large amount of DEXE in 2024 and sold part of its holdings in 2025 to raise cash. He added that the firm bought a large amount of DEXE again around Oct. 10, when last year’s crypto crash began, and took a hedge position on first-half profits this year. Grachev said DWF Labs later closed its short position when funding rates in the futures market turned negative, then sold its spot DEXE holdings to complete the cash-out. Meanwhile, Choc, an influencer with Chinese roots, recently alleged that DWF Labs was behind manipulation in DEXE, which has fallen more than 90%. Choc claimed DWF Labs made about $40 million in profit through DEXE price manipulation and said retail investors’ money flowed into the firm’s pockets. Choc also alleged that DWF Labs was deeply involved in manipulating the prices of coins including ESPORTS and SIREN, while no one was held accountable.