According to Foresight News, Twitter user Nay tweeted that after analyzing the on-chain data, DWF Labs "matched the amount of tokens in and out in almost all cases with the time and amount, which means that these are not loans and therefore not standard market maker transactions." Nay said that the pattern of all DWF Labs transactions is to either buy $50,000 to $100,000 in stablecoins once a day or so, or buy large transactions of up to $5 million per transaction, and then store all (or almost all) of the funds on CEX.

At the same time, many of its public investment transactions cannot be matched with on-chain data. "US$65 million was confirmed on the chain, more than US$150 million was reported, and there are many more that have not been reported." Nay said, "One explanation is that they sold tokens on behalf of the project team at a price not less than a certain price and remitted funds in advance to earn delta. Many transactions have a 10-20% discount, but some do not."

In addition, Nay stated that Andrei Grachev, the official head of DWF Labs, had a relationship with the $4 billion cryptocurrency Ponzi scheme OneCoin, which was previously disclosed by Russian media in 2019.