<p>A subtle panel discussion photo posted by Andrei Grachev of Singapore’s DWF Labs turned into a war of words among crypto trading titans on Elon Musk’s X (formerly Twitter).</p><h2 id="header-0">DWF vs GSR</h2><p>Grachev, who is a Managing Partner at the market maker and Web3 investment firm, thanked his fellow panelists in the<a href="https://x.com/ag_dwf/status/1702682618351988751?s&#61;20" rel="noopener noreferrer nofollow"> post</a>. However, the tone quickly soured as Cristian Gil, Co-Founder of rival market-making giant GSR, took offense to Grachev’s presence on the panel and voiced his disapproval on the platform.</p><p>Gil didn’t mince his words, stating: “[Andrei Grachev] had absolutely no business to be on that panel. It’s insulting to [GSR] , [OKX] and [Wintermute] to be in the same room as [DWF Labs].”</p><h2 id="header-1">DWF vs Wintermute</h2><p>His remarks received a “Like” from Evgeny Gaevoy, the CEO of market maker Wintermute. In response, Grachev defended his presence, asserting that DWF was superior in technology, trading, and business development compared to its rivals, going so far as to<a href="https://x.com/ag_dwf/status/1704873774640664614?s&#61;20" rel="noopener noreferrer nofollow"> suggest</a> to Gil: “Yeah, if I were you — I would be also crying all the time.”</p><p>The exchange continued with Grachev claiming that DWF was capturing market share from Wintermute, and Gaevoy responded with a nonchalant “lol,” challenging Grachev to invest more if he believed DWF posed a threat.</p><h2 id="header-2">DWF Labs’ rapid growth</h2><p>While the exchange consisted of mere words, it shed light on DWF Labs’ sudden rise to prominence earlier over recent months. The company has featured prominently in an array of investments in Web3 startups and blockchain networks over the course of 2023. Prominent among them have been investments in<a href="https://medium.com/&#64;coinness.gl/dwf-spending-spree-continues-with-eos-investment-33bc67b19e1b" rel="noopener noreferrer nofollow"> EOS</a>, the<a href="https://medium.com/&#64;coinness.gl/algorand-foundation-and-dwf-labs-partner-for-ecosystem-growth-42d6e9962fcd" rel="noopener noreferrer nofollow"> Algorand ecosystem</a>, and the<a href="https://medium.com/&#64;coinness.gl/dwf-labs-enters-into-strategic-partnership-with-tron-49a10943ba81" rel="noopener noreferrer nofollow"> TRON ecosystem</a>.</p><p>Recently<a href="https://www.theblockbeats.info/news/45416?from&#61;telegram" rel="noopener noreferrer nofollow"> appearing</a> on the BlockBeats podcast, Grachev defended the company, outlining that it was not involved in market manipulation in response to recent assertions to the contrary.</p><p>“We do not engage in any manipulative behavior,” Grachev stated. “Of course, we have the futures market, which is a tool for hedging positions and trading clubs. We are completely different from directional traders,” he added.</p><p>Gaevoy added some humor to the mix by sharing a meme, raising questions about the maturity level of these prominent figures in the crypto industry. The spat provoked a broad array of commentary from the crypto community.</p><h2 id="header-3">Crypto immaturity</h2><p>The very public clash raises concerns about how traditional Wall Street firms, currently making bold moves into the crypto space, might perceive such behavior. Notably, firms like BlackRock have been involved in Bitcoin ETF applications, signaling a growing interest in cryptocurrency among mainstream financial institutions. In response to Gaevoy and Grachev, one commentator<a href="https://x.com/tier10k/status/1704906382288515351?s&#61;20" rel="noopener noreferrer nofollow"> wrote</a>: “The institutions are never coming back.”</p><p>While it would appear that there’s no love lost between DWF, GSR, and Wintermute, it also seems evident that both market makers can agree on Singapore as being an appropriate location from where to operate a crypto business. While Wintermute is London-based, it revealed recently that it was<a href="https://medium.com/&#64;coinness.gl/strategic-shift-sees-wintermute-expand-singapore-base-f2aeffc21b86" rel="noopener noreferrer nofollow"> expanding</a> its operations in Singapore. Like Wintermute, GSR is primarily based in London although it too maintains a presence in Singapore to service Asia-centric business.</p>

Crypto Titans Clash on Elon Musk’s X

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