DWF Labs
2026-06-30 10:00:14Unveiling DWF Labs' Rise: How a 16-Month-Old Firm Invested in 470 Projects by Pumping Prices and Courting Controversy
DWF Labs emerged in early 2023 as a major crypto player, investing heavily in projects like Synthetix ($20M), Conflux ($28M), Fetch.AI ($40M), EOS ($45M), and Algorand ($50M), claiming 470 investments in just 16 months. However, investigations by The Block and CoinDesk revealed these were mainly OTC trades, and DWF's marketing materials openly discussed 'price management' and providing artificial volume. Through interviews with 16 individuals and analysis of 10 proposals and contracts, this report exposes DWF's three-pronged model: discounted OTC purchases (5-15% below market), locked token investments (up to 50% discount, 1-2 year lockups), and market-making services with aggressive strike prices. The firm frequently promised clients to boost token prices, using price charts of past deals as sales tools. Despite the controversy, DWF continues to expand, securing a best partner award from HTX, applying for licenses, and launching a crypto incubation program. Managing partner Andrei Grachev's flamboyant displays—including a $22,000 giveaway and a Lamborghini photo—mirror Sam Bankman-Fried's past actions, raising questions about market integrity. The article includes reactions from partners like Algorand, EOS, and Floki, who express satisfaction, while others stay silent.