Crypto
DEXE Plunges Over 96% Amid Ceffu Transfers and DWF Labs Questions
DEXE, a cryptocurrency that reached an all-time high of $49.43 on July 12, has plummeted over 96.8% in just 11 days to $1.56.
Ai Yi, an on-chain analyst, investigated the decline and found that Ceffu transferred 797,917 DEXE to Binance across six transactions beginning July 13, worth around $6.15 million at the time.
Ai Yi suggested that these transfers may be linked to Ceffu's MirrorX service, which allows institutional clients to trade on exchanges while keeping their assets in custody.
The analyst estimated that if the tokens were positioned for trading before the price started falling, they would have carried an effective value of about $39.44 million.