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The $DEXE token experienced a sharp sell-off after reaching its all-time high on July 12th. On-chain data shows that approximately 798,000 $DEXE tokens were transferred from the custody platform Ceffu to Binance during the downturn, suggesting that these transactions may be linked to DWF Labs.
$DEXE hit a record high of $49,432 on July 12th, but then declined on July 13th. On July 21st, the token fell by as much as 88% in a single day, dropping from $46.93 to $5,648. Over an 11-day period, $DEXE’s price fell from $49,423 to $1.56, a total loss of 96.8%. At the time of writing, it is trading at $4.08, showing a 95% increase in the last 24 hours.
According to on-chain analyst Ai Yi, a significant portion of large-scale fund movements occurred through the hot wallets of centralized cryptocurrency exchanges. However, transfers made by Ceffu among entities outside of exchanges stood out.
Ceffu sent a total of 797,900 $DEXE to Binance in six separate transactions starting July 13th. The total value of these transfers at the time of the transactions was estimated at approximately $6.15 million. Ceffu thus became the only organization outside of exchanges to transfer over $1 million worth of $DEXE to Binance.
Analysts noted that due to Ceffu’s MirrorX system, the true economic value of transfers could be higher than the amount shown on the chain. This system allows for the creation of a mirror position on the exchange at a one-to-one ratio against assets held on Ceffu, after which on-chain asset transfers are automatically completed.
It was stated that if this mechanism had been used to execute trades before the $DEXE price fell, the value of 797,900 $DEXE shares at the time the positions were opened could have been approximately $39.44 million.
However, publicly available data does not indicate that the $DEXE project team directly holds tokens in Ceffu. It is stated that the majority of the project’s tokens are held in the DAO treasury and in locked smart contracts linked to the team.
Falcon Finance, an official partner of $DEXE, supports $DEXE as collateral on its platform. Ceffu is known as one of the institutions from which Falcon receives asset custody services. The fact that Falcon Finance is also connected to DWF Labs, a market maker that is also among $DEXE’s partners, strengthens the assessment that the transfers may have originated from DWF Labs.
*This is not investment advice.