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$CYBER surges 150% in two days! Upbit holds 33% of the circulating supply, with market maker DWF controlling the trades?

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$CYBER surges 150% in two days! Upbit holds 33% of the circulating supply, with market maker DWF controlling the trades?

CyberConnect is a decentralized social graph protocol, and its token $CYBER has recently surged, attracting attention from many. The South Korean exchange Upbit has accumulated $33 million worth of $CYBER, making it the largest holder. In addition, blockchain observers have discovered that both DWF and Wintermute are involved in the manipulation behind the scenes, indicating a precarious situation.

$CYBER Price Doubles in Half a Day

TradingView shows that on the evening of August 29th, $CYBER doubled in value within 10 hours, catching the attention of users who eagerly joined the game. The hype has been escalating over the past three days, with an astonishing increase of 145%, hitting new all-time highs, peaking at $9.34.

Upbit Surpasses Binance as Largest $CYBER Holder, Holding 33% of Circulating Supply

According to data referenced by CoinNess from Scopescan, South Korea's largest cryptocurrency exchange, Upbit, has accumulated approximately 3.66 million $CYBER since listing it on August 22nd, valued at around $33 million and still increasing.

This move has positioned Upbit ahead of Binance as the largest holder of $CYBER, owning a staggering 33% of the circulating supply. The enthusiasm of Korean investors towards this token can be seen as one of the driving factors behind the recent surge in $CYBER's price.

Additionally, Upbit has also accumulated approximately 60.75 million $BLUR over the past month, currently holding nearly 82 million BLUR valued at about $17.15 million, making it the second-largest holder of $BLUR, following OKX.

Earlier, Upbit and Bithumb announced their compliance with South Korea's upcoming 30 billion won asset reserve regulations.

DWF Labs and Wintermute Join in the Fun

According to Spot On Chain monitoring, the controversial cryptocurrency market maker DWF Labs has also joined the game, increasing its holdings of $CYBER by 170,000 tokens at a price of $4.5 on August 22nd. The asset was valued at $765,000 at the time and has now risen to $1.26 million, with DWF Labs continuing to hold it.

Previously, based on its statistics, tokens handled by DWF Labs have experienced significant fluctuations, including $DODO, $YGG, $FET, and $CYBER. The prices of the first two have dropped by 41.5% and 59.8% respectively after being sold off by DWF.

DWF Labs adeptly utilizes its typical Pump and Dump strategy to raise and sell at highs, continuously absorbing chips at the bottom, ultimately leaving retail and contract players at a loss.

Recap: Bear markets are the season of the leeks! Analyzing the profit model of YGG's skyrocketing and plummeting market-making, will DODO be next?

Furthermore, another market maker, Wintermute, has also participated, but it transferred the 205,000 $CYBER it received a week ago to Binance yesterday, valued at $1.43 million.