Wu said he learned that on-chain analysts Ai Yi stated that the DEXE token fell from $49.42 to $1.56 within 11 days, a drop of about 96.8%. On-chain data shows that since July 13, Ceffu has cumulatively transferred about 798,000 DEXE tokens to Binance, worth approximately $6.15 million, making it the only related entity besides exchanges with transfer volumes exceeding $1 million. Analysts believe that based on Ceffu’s MirrorX mechanism, there is theoretically a possibility that an exchange first establishes a mirrored position to trade, then later settles after the on-chain custodied assets are transferred. If the related funds are used for selling at high levels, the corresponding potential sell volume could reach about $39.44 million.

Further investigation found that DEXE’s official partner, Falcon Finance, had previously supported DEXE as collateral, and Falcon’s asset custodian includes Ceffu; meanwhile, DWF Labs also appears on DEXE’s official partner list. The analysis suggests that DWF Labs may be connected to the relevant fund flows, but currently this is only speculation based on on-chain data and public information, and it is not possible to confirm the specific entities involved or prove that market manipulation occurred.