DWF Labs Cashes Out JASMY Tokens, Reaping Massive Profits on Binance

• DWF Labs sent 24 million JASMY tokens, equivalent to $731,000, to Binance.
• The deposit represents the last tranche of JASMY tokens held by DWF Labs from June 2023.
• DWF Labs has a one-year MM contract with Jasmy-MGT expiring in August 2024.

Spot On Chain, the AI-powered on-chain tracker, identified a significant JASMY transaction by DWF Labs. According to Spot On Chain, DWF Labs sent 24 million JASMY tokens, worth $731,000, to a Binance wallet on June 25, 2024.

DWF Labs (@DWFLabs) just deposited the last 24M $JASMY ($731K) to #Binance ~33 mins ago.

Notably, DWF Labs has a 1-year contract as an MM of @JasmyMGT that will expire in Aug:

• They withdrew 700M $JASMY from #Gateio at $0.004384 on Jun 26, 2023, right after Jasmy Deployer… pic.twitter.com/TEJuDlWL1Z

— Spot On Chain (@spotonchain)
June 25, 2024

In a recent post on X, the crypto on-chain tracker noted that the recently deposited tokens represent the last tranche of JASMY tokens held by DWF Labs from June 2023. Notably, DWF Labs has a running one-year contract with Jasmy-MGT, the firm behind JASMY cryptocurrency, as a Market Maker (MM) that will expire in August 2024.

Meanwhile, historical data shows that the Market Maker withdrew 700 million JASMY from Gate.io on June 26, 2023, shortly after Jasmy Deployer deposited the amount to the centralized exchange (CEX). JASMY’s price at the time of DWF Labs’ withdrawal was $0.004384.

Notably, DWF Labs has deposited the withdrawn tokens on Binance over the past year at an average price of $0.01788, reflecting a 308% profit. Spot On Chain’s data shows that the Market Maker deposited the tokens in ten installments, with the initial installment of 100 million JASMY occurring in September 2023.

DWF Labs withheld the remaining tokens until February of this year, making four deposits over a short period totaling $379 million. The Market Maker spread the remainder of the deposits between April and June 2024, beginning with another 100 million tokens deposit in April.

TradingView’s data shows that JASMY was trading for $0.3022 at the time of writing after reaching a yearly high of $0.04470 in May. The altcoin surged over 1,400% between June 2023 and May 2024 before falling to its current level in a 40% decline in less than four weeks.

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