Analysts suggest that DWF Labs may be a market maker for ESPORTS, with associated addresses reportedly depositing approximately $13.9 million worth of tokens into Kraken.

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According to ChainCatcher, on-chain analyst @ai_9684xtpa reported that the $ESPORTS token experienced a flash crash with a drop of 92%, which is suspected to be related to DWF Labs.

Five days ago, address 0x7Ef…C10dD deposited 19.9 million ESPORTS (worth $13.9 million) into the Kraken address associated with DWF. The upstream of funds for this address is the token deployment address, which is also one of the addresses that contributed to this flash crash, and has been frequently selling tokens on-chain.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.

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