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"claim_ids": [ "c-role-2" ], "kind": "other" }, { "id": "r-3", "from": "e4", "to": "e1", "role": "Board member; later chair and sole board member", "period": "Board from 18 December 2019; sole member from 6 August 2024 in retained register", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-3" ], "kind": "other" }, { "id": "r-4", "from": "e5", "to": "e1", "role": "Chair during the short recorded mandate", "period": "23 August–2 December 2022", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-4" ], "kind": "other" }, { "id": "r-5", "from": "e6", "to": "e1", "role": "Procurist, then board member", "period": "Procuration from 23 May 2022, board from 31 October 2023, ended 6 August 2024", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-5" ], "kind": "other" }, { "id": "r-6", "from": "e7", "to": "e1", "role": "Board member", "period": "31 October 2023–6 August 2024", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-6" ], "kind": "other" }, { "id": "r-7", "from": "e8", "to": "e1", "role": "Statutory auditor", "period": "31 October 2023–22 January 2024", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-role-7" ], "kind": "business" }, { "id": "r-8", "from": "e9", "to": "e1", "role": "Statutory auditor", "period": "Audit entry 12 March 2024; retained register", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-role-8" ], "kind": "business" }, { "id": "r-9", "from": "e4", "to": "e1", "role": "Reported co-founder and trading leader; no exact equity percentage", "period": "Reported founding/trading leadership from 2018; operational role not inferred beyond separately established departures", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-9" ], "kind": "other" }, { "id": "r-10", "from": "e5", "to": "e1", "role": "Reported co-founder and trading leader; no exact equity percentage", "period": "Reported founding/trading leadership from 2018; operational role not inferred beyond separately established departures", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-10" ], "kind": "other" }, { "id": "r-11", "from": "e3", "to": "e1", "role": "Reported co-founder and trading leader; no exact equity percentage", "period": "Reported founding/trading leadership from 2018; operational role not inferred beyond separately established departures", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-11" ], "kind": "other" }, { "id": "r-13", "from": "e4", "to": "e10", "role": "Former trader", "period": "Employment before the Swiss trading venture; precise dates not established", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-13" ], "kind": "other" }, { "id": "r-14", "from": "e5", "to": "e24", "role": "Former board member", "period": "16 December 2019–4 September 2020", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-14" ], "kind": "other" }, { "id": "r-15", "from": "e3", "to": "e24", "role": "Former board member", "period": "16 December 2019–4 September 2020", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-15" ], "kind": "other" }, { "id": "r-16", "from": "e2", "to": "e24", "role": "Chair", "period": "Chair recorded from formation on 16 December 2019; retained register", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-16" ], "kind": "other" }, { "id": "r-17", "from": "e12", "to": "e24", "role": "Chief operating officer", "period": "Role when quoted in December 2023 reporting; later status not established", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-17" ], "kind": "other" }, { "id": "r-18", "from": "e3002", "to": "e1", "role": "Reported group connection; not a verified direct equity chain", "period": "Dated historical group descriptions; no complete current direct equity chain established", "status": "reported", "direction": "directed", "role_group": "associations", "temporal_status": "historical", "claim_ids": [ "c-role-18" ], "kind": "other" }, { "id": "r-19", "from": "e14", "to": "e36", "role": "Reported founder and initial shareholder of the Singapore company", "period": "Initial ownership reported from June 2022; later exact interest not established", "status": "reported", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-role-19" ], "kind": "owns" }, { "id": "r-20", "from": "e4", "to": "e36", "role": "Reported initial shareholder", "period": "Initial ownership reported from June 2022; later exact interest not established", "status": "reported", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-role-20" ], "kind": "owns" }, { "id": "r-21", "from": "e5", "to": "e36", "role": "Reported initial shareholder", "period": "Initial ownership reported from June 2022; later exact interest not established", "status": "reported", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-role-21" ], "kind": "owns" }, { "id": "r-22", "from": "e3", "to": "e36", "role": "Reported initial shareholder; interest ended in 2022", "period": "Initial 2022 shareholding; Rendchen states his interest ended in 2022", "status": "reported", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-role-22" ], "kind": "owns" }, { "id": "r-23", "from": "e4", "to": "e23", "role": "Reported founding shareholder and board member", "period": "Reported founding shareholding and board entry in May 2021; later equity not established", "status": "reported", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-role-23" ], "kind": "owns" }, { "id": "r-24", "from": "e3", "to": "e23", "role": "Reported founding shareholder", "period": "Reported founding shareholding from May 2021; 2022 board exit does not separately date every equity disposal", "status": "reported", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-role-24" ], "kind": "owns" }, { "id": "r-25", "from": "e16", "to": "e23", "role": "Chair", "period": "Chair entered 19 October 2022; retained register", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-25" ], "kind": "other" }, { "id": "r-26", "from": "e5", "to": "e23", "role": "Board member", "period": "Board entry 19 October 2022; retained register", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-26" ], "kind": "other" }, { "id": "r-27", "from": "e23", "to": "e1", "role": "Operationally related trading business; shared team described by a participant", "period": "Shared-team relationship described in 2023 interview; later recruiting corroboration July 2026", "status": "reported", "direction": "undirected", "role_group": "associations", "temporal_status": "unknown", "claim_ids": [ "c-role-27" ], "kind": "other" }, { "id": "r-29", "from": "e3", "to": "e23", "role": "Former chair", "period": "Chair from 6 May 2021; mandate ended 19 October 2022", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-29" ], "kind": "other" }, { "id": "r-30", "from": "e16", "to": "e36", "role": "Reported shareholder joining in December 2022", "period": "Shareholder reported from December 2022; subsequent exact stake not established", "status": "reported", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-role-30" ], "kind": "owns" }, { "id": "r-31", "from": "e1", "to": "e17", "role": "Holder of 381,534 Series B preferred shares in the January 2023 court schedule", "period": "381,534 Series B shares in court schedule filed 9 January 2023; current recovery/value not established", "status": "reported", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-role-31" ], "kind": "owns" }, { "id": "r-32", "from": "e14", "to": "e1", "role": "Reported trading and exchange-access collaboration", "period": "VRM collaboration described around late 2020; later brands and legal vehicles distinguished", "status": "reported", "direction": "undirected", "role_group": "associations", "temporal_status": "historical", "claim_ids": [ "c-role-32" ], "kind": "other" }, { "id": "r-33", "from": "e14", "to": "e18", "role": "Reported founder of the Latvian vehicle", "period": "Latvian entity registered December 2020; liquidated June 2023", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-33" ], "kind": "other" }, { "id": "r-34", "from": "e19", "to": "e1", "role": "Head of Institutions", "period": "Professional profile reported a move in February 2023; later status not established", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-34" ], "kind": "other" }, { "id": "r-35", "from": "e19", "to": "e23", "role": "Former head of OTC trading", "period": "OTC role before the reported February 2023 move", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-35" ], "kind": "other" }, { "id": "r-41", "from": "e2", "to": "e26", "role": "Foundation board member; previously chair", "period": "Foundation registered 9 February 2006; retained roster identifies member, formerly chair", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-41" ], "kind": "other" }, { "id": "r-42", "from": "e4", "to": "e23", "role": "Board member", "period": "Board entry 6 May 2021; joint signing after October 2022 change", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-42" ], "kind": "other" }, { "id": "r-43", "from": "e4", "to": "e27", "role": "Sole board member with individual signature", "period": "Board replacement entered in October 2020; retained register", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-43" ], "kind": "other" }, { "id": "r-44", "from": "e24", "to": "e1", "role": "Reported group connection; not a verified direct equity chain", "period": "Dated historical group descriptions; no complete current direct equity chain established", "status": "reported", "direction": "undirected", "role_group": "associations", "temporal_status": "historical", "claim_ids": [ "c-role-44" ], "kind": "other" }, { "id": "r-48", "from": "e12", "to": "e24", "role": "Board member", "period": "Board entry 4 September 2020; retained register", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-48" ], "kind": "other" }, { "id": "r-49", "from": "e28", "to": "e24", "role": "Board member", "period": "Board entry 28 September 2026", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-49" ], "kind": "other" }, { "id": "r-54", "from": "e23", "to": "e1", "role": "Recorded shared business site", "period": "Historical shared business site 20 June 2023–15 June 2026", "status": "reported", "direction": "undirected", "role_group": "infrastructure", "temporal_status": "historical", "claim_ids": [ "c-role-54" ], "kind": "business" }, { "id": "r-55", "from": "e4", "to": "e3002", "role": "Reported 27% shareholding in the historical press snapshot", "period": "Historical press snapshot of DWF Labs; exact legal vehicle and present stake not established", "status": "reported", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-role-55" ], "kind": "owns" }, { "id": "r-56", "from": "e5", "to": "e3002", "role": "Reported 27% shareholding in the historical press snapshot", "period": "Historical press snapshot of DWF Labs; exact legal vehicle and present stake not established", "status": "reported", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-role-56" ], "kind": "owns" }, { "id": "r-57", "from": "e14", "to": "e3002", "role": "Reported 27% shareholding in the historical press snapshot", "period": "Historical press snapshot of DWF Labs; exact legal vehicle and present stake not established", "status": "reported", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-role-57" ], "kind": "owns" }, { "id": "r-59", "from": "e14", "to": "e29", "role": "Reported founder and managing partner of the Crypsis brand", "period": "Reported Crypsis brand capacities in 2017–2018; exact legal vehicle and later status unresolved", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-59" ], "kind": "other" }, { "id": "r-60", "from": "e30", "to": "e29", "role": "Reported majority shareholder of the Crypsis brand; legal vehicle unresolved", "period": "Reported Crypsis brand capacities in 2017–2018; exact legal vehicle and later status unresolved", "status": "reported", "direction": "directed", "role_group": "ownership", "temporal_status": "historical", "claim_ids": [ "c-role-60" ], "kind": "owns" }, { "id": "r-61", "from": "e14", "to": "e31", "role": "Former chief executive of Huobi Russia", "period": "Huobi Russia leadership in 2018–2019; September versus November 2018 start differs by source", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-61" ], "kind": "other" }, { "id": "r-62", "from": "e14", "to": "e32", "role": "Reported collaborator in VRM Trade", "period": "Historical VRM collaboration described in retained reporting; later mandate not established", "status": "reported", "direction": "undirected", "role_group": "associations", "temporal_status": "historical", "claim_ids": [ "c-role-62" ], "kind": "other" }, { "id": "r-63", "from": "e14", "to": "e33", "role": "Reported collaborator in VRM Trade", "period": "Historical VRM collaboration described in retained reporting; later mandate not established", "status": "reported", "direction": "undirected", "role_group": "associations", "temporal_status": "historical", "claim_ids": [ "c-role-63" ], "kind": "other" }, { "id": "r-64", "from": "e3002", "to": "e34", "role": "Purchaser of WLFI governance tokens; not corporate equity", "period": "Token purchase reported April 2025; senator’s inquiry letter dated 6 May 2025", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-role-64" ], "kind": "business" }, { "id": "r-65", "from": "e3002", "to": "e3003", "role": "Trading customer of the Binance exchange brand", "period": "Historical trading-customer relationship in retained reporting; exact contracting entity, start date and subsequent status not established", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-role-65" ], "kind": "business" }, { "id": "r-69", "from": "e3", "to": "e37", "role": "Sole board member with individual signature", "period": "Board at company registration 7 January 2025; public notice 10 January", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-69" ], "kind": "other" }, { "id": "r-70", "from": "e5", "to": "e38", "role": "Sole board member with individual signature", "period": "Founding board in February 2025 publication; later status not established", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-70" ], "kind": "other" }, { "id": "r-71", "from": "e5", "to": "e39", "role": "Former sole board member with individual signature", "period": "Historical BITWave mandate, removal published 4 March 2024", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-71" ], "kind": "other" }, { "id": "r-72", "from": "e4", "to": "e40", "role": "Sole board member with individual signature", "period": "Registered 29 December 2025; publication 5 January 2026", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-72" ], "kind": "other" }, { "id": "r-75", "from": "e7", "to": "e41", "role": "Partner and employment-law practitioner", "period": "Retained firm biography; no specific DWF legal-engagement scope established", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-75" ], "kind": "other" }, { "id": "r-76", "from": "e7", "to": "e42", "role": "Former board member", "period": "Former board role, removal recorded May 2023", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-76" ], "kind": "other" }, { "id": "r-80", "from": "e14", "to": "e44", "role": "Reported co-founder of the Black Ocean project", "period": "Historical VRM/Black Ocean venture, described in 2020–2023 records", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-80" ], "kind": "other" }, { "id": "r-81", "from": "e14", "to": "e45", "role": "Chief executive of the historical Jiamix exchange", "period": "Jiamix launched September 2019; reported closed two years later", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-81" ], "kind": "other" }, { "id": "r-82", "from": "e14", "to": "e46", "role": "Reported co-founder of the VRM brand", "period": "Historical VRM/Black Ocean venture, described in 2020–2023 records", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-82" ], "kind": "other" }, { "id": "r-83", "from": "e2", "to": "e48", "role": "Sole board member with individual signature", "period": "Board from registration 3 September 2021; retained record", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-83" ], "kind": "other" }, { "id": "r-84", "from": "e2", "to": "e49", "role": "Managing participant with individual signature", "period": "Formation allocation and mandate recorded September 2009; no later disposal established", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-84" ], "kind": "other" }, { "id": "r-85", "from": "e2", "to": "e50", "role": "Board member", "period": "Recorded board capacity since the 2020 formation history; retained roster", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-85" ], "kind": "other" }, { "id": "r-88", "from": "e51", "to": "e27", "role": "Former board member", "period": "2016–2020 mandate before the October 2020 replacement", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-88" ], "kind": "other" }, { "id": "r-90", "from": "e39", "to": "e27", "role": "Recorded shared business site", "period": "Source recorded 2017-09-19; precise underlying date and later status depend on the cited record", "status": "reported", "direction": "undirected", "role_group": "infrastructure", "temporal_status": "unknown", "claim_ids": [ "c-role-90" ], "kind": "business" }, { "id": "r-92", "from": "e1", "to": "e31", "role": "Trading venue used in the historical account", "period": "Historical trading-venue relationship described in the 2020–2023 account", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-role-92" ], "kind": "business" }, { "id": "r-93", "from": "e1", "to": "e45", "role": "Trading venue used in the historical account", "period": "Historical trading-venue relationship described in the 2020–2023 account", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-role-93" ], "kind": "business" }, { "id": "r-94", "from": "e1", "to": "e3003", "role": "Trading venue used in the historical account", "period": "Historical trading-venue relationship described in the 2020–2023 account", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-role-94" ], "kind": "business" }, { "id": "r-95", "from": "e1", "to": "e52", "role": "Trading venue used in the historical account", "period": "Historical trading-venue relationship described in the 2020–2023 account", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-role-95" ], "kind": "business" }, { "id": "r-96", "from": "e1", "to": "e53", "role": "Trading venue used in the historical account", "period": "Historical trading-venue relationship described in the 2020–2023 account", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-role-96" ], "kind": "business" }, { "id": "r-99", "from": "e14", "to": "e54", "role": "Chief executive of the historical Export.Online project", "period": "Historical Export.Online role in 2018; ICO halted June 2018", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-99" ], "kind": "other" }, { "id": "r-103", "from": "e14", "to": "e3002", "role": "Managing partner of DWF Labs", "period": "Managing-partner role in the dated DWF Labs reporting; exact legal-employer chain varies by source", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-103" ], "kind": "other" }, { "id": "r-104", "from": "e55", "to": "e3002", "role": "Partner of DWF Labs", "period": "Partner in the November 2022 announcement; later September 2026 release retained", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-104" ], "kind": "other" }, { "id": "r-105", "from": "e56", "to": "e3002", "role": "Former partner; management and operational role ended in October 2024", "period": "Partner before dismissal from management and operations on 29 October 2024", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-105" ], "kind": "other" }, { "id": "r-108", "from": "e2", "to": "e57", "role": "Former board member and secretary", "period": "Historical board mandate; departure in February 2024 name/seat change", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-108" ], "kind": "other" }, { "id": "r-109", "from": "e2", "to": "e58", "role": "Former board member", "period": "Formation May 2012–November 2018 departure", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-109" ], "kind": "other" }, { "id": "r-110", "from": "e2", "to": "e59", "role": "Former chair", "period": "11 April 2017 registration–31 July 2019 departure; company later deleted in 2022", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-110" ], "kind": "other" }, { "id": "r-111", "from": "e2", "to": "e60", "role": "Former board member", "period": "Historical mandate from September 2015; ended 9 November 2021", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-111" ], "kind": "other" }, { "id": "r-115", "from": "e61", "to": "e48", "role": "Managing director with individual signature", "period": "Recorded from 2021-09-03; later status not established", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-115" ], "kind": "other" }, { "id": "r-116", "from": "e2", "to": "e49", "role": "Holder of 10 of 20 units (50%)", "period": "Formation allocation and mandate recorded September 2009; no later disposal established", "status": "reported", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-role-116" ], "kind": "owns" }, { "id": "r-119", "from": "e46", "to": "e1", "role": "Reported historical brand connection", "period": "Historical VRM/Black Ocean venture, described in 2020–2023 records", "status": "reported", "direction": "directed", "role_group": "associations", "temporal_status": "historical", "claim_ids": [ "c-role-119" ], "kind": "other" }, { "id": "r-121", "from": "e2", "to": "e62", "role": "Executive director and representative of a shareholder group", "period": "Retained bank governance roster; no personal equity percentage established", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-121" ], "kind": "other" }, { "id": "r-125", "from": "e2", "to": "e63", "role": "Holder of 30 of 300 units (10%); former manager", "period": "2021 record retains 10% participation and ends management; later disposal not established", "status": "reported", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-role-125" ], "kind": "owns" }, { "id": "r-126", "from": "e2", "to": "e64", "role": "Holder of 5 of 30 units (one-sixth)", "period": "Formation allocation 13 July 2022: 5 of 30 units; later changes not established", "status": "reported", "direction": "directed", "role_group": "ownership", "temporal_status": "unknown", "claim_ids": [ "c-role-126" ], "kind": "owns" }, { "id": "r-128", "from": "e2", "to": "e64", "role": "Managing participant with joint signature", "period": "Formation record 13 July 2022; joint-signature managing participation", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-128" ], "kind": "other" }, { "id": "r-129", "from": "e65", "to": "e3002", "role": "Registered entity using the DWF Labs trading name", "period": "BVI FSC retained registration; group approval announcement 3 September 2026", "status": "reported", "direction": "directed", "role_group": "associations", "temporal_status": "unknown", "claim_ids": [ "c-role-129" ], "kind": "other" }, { "id": "r-131", "from": "e66", "to": "e62", "role": "Honorary chairman for life", "period": "Source recorded 2026-10-07; precise underlying date and later status depend on the cited record", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-131" ], "kind": "other" }, { "id": "r-135", "from": "e66", "to": "e57", "role": "Former chair", "period": "Historical board mandate; departure in February 2024 name/seat change", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-135" ], "kind": "other" }, { "id": "r-136", "from": "e57", "to": "e50", "role": "Recorded shared business site", "period": "Source recorded 2024-02-23; precise underlying date and later status depend on the cited record", "status": "reported", "direction": "undirected", "role_group": "infrastructure", "temporal_status": "unknown", "claim_ids": [ "c-role-136" ], "kind": "business" }, { "id": "r-138", "from": "e3002", "to": "e68", "role": "Reported market maker and recipient of token inventory under the MOTHER arrangement", "period": "Partnership announced July 2024, described in May 2026 complaint; no merits result established", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-role-138" ], "kind": "business" }, { "id": "r-141", "from": "e3001", "to": "e69", "role": "DWF-affiliated investor in the jointly funded convertible-note transaction", "period": "Transaction 10 June 2025; combined initial principal US$55,555,555 across two affiliated investors", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-role-141" ], "kind": "business" }, { "id": "r-143", "from": "e3002", "to": "e70", "role": "Partner in the announced Crypto Centre growth platform", "period": "Partnership announced 24 February 2023, official report March 2023", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-role-143" ], "kind": "business" }, { "id": "r-144", "from": "e14", "to": "e18", "role": "Former board member with individual representation", "period": "Board departure entered 13 March 2023, published 16 March; vehicle liquidated June 2023", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-144" ], "kind": "other" }, { "id": "r-147", "from": "e72", "to": "e8", "role": "Statutory auditor", "period": "Recorded from 2012-04-23; later status not established", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "unknown", "claim_ids": [ "c-role-147" ], "kind": "business" }, { "id": "r-148", "from": "e73", "to": "e60", "role": "Former board chair", "period": "Chair from the September 2015 formation record; changed to sole board member in the notice published 9 November 2021", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-148" ], "kind": "other" }, { "id": "r-150", "from": "e74", "to": "e60", "role": "Board member", "period": "Historical mandate from September 2015; ended 9 November 2021", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-150" ], "kind": "other" }, { "id": "r-151", "from": "e60", "to": "e64", "role": "Recorded shared business site", "period": "Shared business site in retained corporate records; no ownership inference", "status": "reported", "direction": "undirected", "role_group": "infrastructure", "temporal_status": "unknown", "claim_ids": [ "c-role-151" ], "kind": "business" }, { "id": "r-152", "from": "e73", "to": "e60", "role": "Sole board member", "period": "Source recorded 2026-10-07; precise underlying date and later status depend on the cited record", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-152" ], "kind": "other" }, { "id": "r-153", "from": "e75", "to": "e8", "role": "Board member and management officer", "period": "Source recorded 2026-03-26; precise underlying date and later status depend on the cited record", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-153" ], "kind": "other" }, { "id": "r-154", "from": "e76", "to": "e8", "role": "Board member and management officer", "period": "Source recorded 2026-03-26; precise underlying date and later status depend on the cited record", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-154" ], "kind": "other" }, { "id": "r-155", "from": "e77", "to": "e8", "role": "Board member and management officer", "period": "Source recorded 2026-03-26; precise underlying date and later status depend on the cited record", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-155" ], "kind": "other" }, { "id": "r-156", "from": "e78", "to": "e8", "role": "Joint-signature officer", "period": "Signing authority entered March 2026; retained register", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-156" ], "kind": "other" }, { "id": "r-159", "from": "e73", "to": "e64", "role": "Managing participant with joint signature", "period": "Formation record 13 July 2022; joint-signature managing participation", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-159" ], "kind": "other" }, { "id": "r-164", "from": "e14", "to": "e81", "role": "Former regional and quality-management employee", "period": "Biographical employment description 2015–2017", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-164" ], "kind": "other" }, { "id": "r-165", "from": "e14", "to": "e82", "role": "Vice-president of RACIB", "period": "RACIB capacity in 2018 public event and career accounts; current mandate not established", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-165" ], "kind": "other" }, { "id": "r-177", "from": "e56", "to": "e87", "role": "Co-founder; operational removal reported in October 2024", "period": "Historical co-founder; October 2024 operational removal reported without a share-disposal determination", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-177" ], "kind": "other" }, { "id": "r-184", "from": "e1", "to": "e90", "role": "Trading venue; reported best-partner award in September 2023", "period": "Best-partner award reported September 2023; not regulatory approval", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-role-184" ], "kind": "business" }, { "id": "r-189", "from": "e3002", "to": "e92", "role": "Purchaser of ALGO tokens in the completed OTC transaction", "period": "US$50 million OTC purchase completed July 2023", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-role-189" ], "kind": "business" }, { "id": "r-190", "from": "e3002", "to": "e93", "role": "EOS-token purchaser and separate ecosystem-investment commitment", "period": "2023 account: US$45 million token purchase and separate US$15 million ecosystem commitment", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-role-190" ], "kind": "business" }, { "id": "r-191", "from": "e3002", "to": "e94", "role": "Purchaser of Floki tokens", "period": "US$5 million token-sale relationship in December 2023 reporting", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-role-191" ], "kind": "business" }, { "id": "r-198", "from": "e24", "to": "e9", "role": "Recorded shared business site", "period": "Turcapital address entry September 2020; auditor address from separate retained record, contemporaneous occupation not certified", "status": "reported", "direction": "undirected", "role_group": "infrastructure", "temporal_status": "historical", "claim_ids": [ "c-role-198" ], "kind": "business" }, { "id": "r-202", "from": "e14", "to": "e3002", "role": "Reported co-founder of DWF Labs", "period": "Source recorded 2023-10; precise underlying date and later status depend on the cited record", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-202" ], "kind": "other" }, { "id": "r-204", "from": "e55", "to": "e3002", "role": "Reported co-founder of DWF Labs", "period": "Source recorded 2024-05-10; precise underlying date and later status depend on the cited record", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-204" ], "kind": "other" }, { "id": "r-205", "from": "e14", "to": "e1", "role": "Exchange-relationship work described in Grachev’s retrospective account", "period": "Grachev’s retrospective 2018–2019 exchange-access account; dates conflict with incorporation/appointment records", "status": "reported", "direction": "directed", "role_group": "associations", "temporal_status": "historical", "claim_ids": [ "c-role-205" ], "kind": "other" }, { "id": "r-206", "from": "e1", "to": "e31", "role": "Trading venue used in the historical account", "period": "Retrospective account says April 2018, before Swiss incorporation; chronology unresolved", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-role-206" ], "kind": "business" }, { "id": "r-207", "from": "e1", "to": "e53", "role": "Trading venue used in the historical account", "period": "Retrospective account of exchange introductions in 2019", "status": "reported", "direction": "directed", "role_group": "business", "temporal_status": "historical", "claim_ids": [ "c-role-207" ], "kind": "business" }, { "id": "r-210", "from": "e89", "to": "e3002", "role": "Portfolio manager in the retained professional-directory profile", "period": "Directory describes portfolio-manager role from July 2022; later status unestablished", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "unknown", "claim_ids": [ "c-role-210" ], "kind": "other" }, { "id": "r-211", "from": "e14", "to": "e29", "role": "Managing partner of the Crypsis brand", "period": "Reported Crypsis brand capacities in 2017–2018; exact legal vehicle and later status unresolved", "status": "reported", "direction": "directed", "role_group": "people", "temporal_status": "historical", "claim_ids": [ "c-role-211" ], "kind": "other" }, { "id": "r-225", "from": "e1", "to": "e23", "role": "Shared recruiting account; Darley named as a department in the job listing", "period": "Dated job listing 20 July 2026; operational evidence, not equity", "status": "reported", "direction": "undirected", "role_group": "associations", "temporal_status": "unknown", "claim_ids": [ "c-role-225" ], "kind": "other" }, { "id": "r-231", "from": "e99", "to": "e96", "role": "Separately named Binance entity in the CFTC consent order", "period": "CFTC consent order announced 18 December 2023; no DWF defendant status", "status": "reported", "direction": "directed", "role_group": "associations", "temporal_status": "historical", "claim_ids": [ "c-role-231" ], "kind": "other" }, { "id": "r-232", "from": "e97", "to": "e96", "role": "Separately named Binance entity in the CFTC consent order", "period": "CFTC consent order announced 18 December 2023; no DWF defendant status", "status": "reported", "direction": "directed", "role_group": "associations", "temporal_status": "historical", "claim_ids": [ "c-role-232" ], "kind": "other" }, { "id": "r-financing-affiliate", "from": "e3001", "to": "e3002", "role": "Affiliated investor; exact legal identity undisclosed in this passage", "period": "10 June 2025 financing", "status": "reported", "direction": "directed", "role_group": "associations", "temporal_status": "historical", "claim_ids": [ "c-role-financing-affiliate" ], "kind": "other" }, { "id": "r-sg-brand", "from": "e36", "to": "e3002", "role": "Singapore company associated with the DWF Labs trading brand", "period": "Retained identity and trademark records", "status": "reported", "direction": "directed", "role_group": "associations", "temporal_status": "historical", "claim_ids": [ "c-role-sg-brand" ], "kind": "other" }, { "id": "r-binance-named-entity", "from": "e96", "to": "e3003", "role": "Named Binance entity in the CFTC consent order", "period": "Consent order announced December 2023", "status": "reported", "direction": "directed", "role_group": "associations", "temporal_status": "historical", "claim_ids": [ "c-role-binance-named-entity" ], "kind": "other" } ], "history": [], "claims": [ { "id": "c-swiss-identity", "kind": "attributed", "text": "Digital Wave Finance AG is the Swiss company CHE-339.148.394, entered in the Zug commercial register on 18 December 2018. Its registered capital is CHF 100,000, divided into 1,000 registered shares of CHF 100. The register records its move from Risch to Zug in June 2023 and a change from an expressly financial-services purpose toward software, information technology and platform activities. The company’s LEI is 506700I73GHHB2FAH085. Its public recruiting material uses the dw.finance domain and describes trading and technology work in Zug.", "qualification": "The retained commercial extract identifies directors and signing authority, not a complete shareholder register. LEI reporting exceptions referring to natural persons do not name the owners or establish their percentages. A directory’s absence of holdings information is not proof that no investments exist. Shared business addresses do not establish a corporate group; a recruiting page tagged Bucharest while its text requires relocation to Zug does not establish a Romanian subsidiary. Company-size estimates are employer or directory descriptions, not audited staffing figures.", "response": "", "outcome": "", "source_ids": [ "s-d4", "s-d10", "s-d12", "s-d42", "s-d49", "s-d71", "s-d92", "s-d96", "s-d101", "s-d151" ], "entity_ids": [ "e1" ] }, { "id": "c-board-history", "kind": "attributed", "text": "The Swiss register gives a sequence of changing mandates. Louis Raymond Bisang chaired the company at formation, moved to a board role in December 2019 and left on 7 August 2020. Michael Rendchen joined at formation, chaired from December 2019 until August 2022 and left the board on 2 December 2022. Remo Schweizer’s recorded chairmanship lasted from 23 August to 2 December 2022. Marco Schweizer joined on 18 December 2019; later entries give him individual signing authority, then the chairmanship, and from 6 August 2024 the sole board seat. Irène Saxer progressed from procuration in May 2022 to a board seat in October 2023; she and Marc Philipp Prinz left on 6 August 2024.", "qualification": "These are register-entry dates. Later publication dates in directory notices must not silently move an appointment or resignation. A board mandate does not establish equity ownership. The historical management network must not be presented as the current board.", "response": "", "outcome": "The audit-waiver period ended with the October 2023 change. Strasser & Vögtli’s audit appointment ran from 31 October 2023 until its removal on 22 January 2024; JURISAUDIT was entered on 12 March 2024.", "source_ids": [ "s-d4", "s-d10", "s-d21", "s-d25", "s-d28" ], "entity_ids": [ "e1", "e2", "e3", "e4", "e5", "e6", "e7", "e8", "e9" ] }, { "id": "c-trading-origins", "kind": "attributed", "text": "Contemporary investigative reporting traces the Swiss trading operation to former IMC traders Marco and Remo Schweizer and Michael Rendchen. Grachev’s exchange relationships helped the operation obtain low fees and access to Huobi Russia, then other venues. The report describes VRM Trade as a later joint venture or brand: the Swiss operation handled major-exchange trading while Grachev handled exchange relationships and smaller venues. Reported internal records put the business on more than ten exchanges by late 2020 and describe preferential tiers on Binance, Bitfinex and OKEx. These advantages made high-volume automated trading cheaper for the firm and teams using its subaccounts.", "qualification": "Reported profit, capital and trading-volume figures are not audited accounts. Grachev’s retrospective account places preferential Huobi access in April 2018, before the Swiss company’s December incorporation and before other sources place his Huobi Russia appointment. That chronology is unresolved. A brand’s retrospective 2018 trading history is not a 2018 incorporation date for the later Singapore company or Latvian vehicle. The unnamed Cayman trading company in his interview is not identified as a specific legal entity.", "response": "Grachev describes a self-funded trading business with no outside investors, a Swiss data centre and proprietary systems. His account is retained as his explanation rather than independently verified financial performance.", "outcome": "", "source_ids": [ "s-d6", "s-d254", "s-d309" ], "entity_ids": [ "e1", "e3", "e4", "e5", "e10", "e14", "e18", "e31", "e32", "e33", "e45", "e46", "e52", "e53", "e96", "e3002" ] }, { "id": "c-turcapital", "kind": "attributed", "text": "Turcapital AG, CHE-160.336.941, is the separate Swiss company formerly named Digital Wave Assets AG, registered on 16 December 2019 and renamed in February 2025. Its history records Bisang as chair, Rendchen and Remo Schweizer leaving in September 2020, Tobias Straube joining the board and Tobias Widmer joining in September 2026. Capital increased from CHF 100,000 to CHF 1 million in 2024, including a CHF 650,000 debt conversion. The retained October 2026 FINMA list names Turcapital as an authorized portfolio manager supervised by OSFINcontrol AG.", "qualification": "Shared early directors, brand descriptions and business addresses do not prove that Turcapital is owned by Digital Wave Finance. FINMA’s entry applies to Turcapital, not automatically to the Swiss subject, Darley or every DWF-branded entity. A partly recognized PDF search cannot certify that the subject has no authorization. A historic LEI address for Digital Wave Assets and a later directory address for DWF do not alone prove contemporaneous co-occupation in 2020.", "response": "Tobias Straube, speaking as COO of Digital Waves, expressly denied active business, collaboration or transactions between his company and DWF/DWF Labs, while acknowledging limited relationships involving individual shareholders. That denial qualifies the otherwise visible shared-person network.", "outcome": "", "source_ids": [ "s-d6", "s-d13", "s-d244", "s-d299" ], "entity_ids": [ "e1", "e2", "e3", "e5", "e9", "e12", "e24", "e28" ] }, { "id": "c-darley", "kind": "attributed", "text": "Darley Technologies AG, CHE-148.754.173, was registered on 6 May 2021 with CHF 1 million capital. Its formation record describes an in-kind contribution of 30.0464807 bitcoin for 100 million shares of CHF 0.01. Rendchen’s chairmanship ended on 19 October 2022; Clement Florentin became chair, with Marco and Remo Schweizer on the board. Florentin described the brands as sharing much of their team while separating spot and futures activity from options, derivatives and requests for quotes. A July 2026 job listing on the DWF recruiting account names Darley as its department and describes work for Darley.", "qualification": "Shared directors, a historical shared business site and a recruiting account support an operational connection, not a complete direct-shareholding chain. The register’s board list does not itself prove the reported founding shareholder allocations. The 2025 purpose amendment and 2026 recruiting evidence concern different dates from formation.", "response": "Rendchen told the original reporter that he had no operational role in Digital Wave Finance or Darley after leaving their boards in 2022, had never held an operational role in DWF Labs and retained no interest in DWF Labs after his 2022 departure.", "outcome": "", "source_ids": [ "s-d6", "s-d14", "s-d114", "s-d313" ], "entity_ids": [ "e1", "e3", "e4", "e5", "e16", "e23" ] }, { "id": "c-labs-identity", "kind": "attributed", "text": "The Singapore entity is DWF LABS PTE. LTD., UEN 202220906H, incorporated on 16 June 2022. The retained directory reports SGD 50,000 ordinary share capital and ten officers in its September 2026 snapshot, but does not expose their names. Contemporary reporting identifies Grachev, the Schweizer brothers and Rendchen as initial shareholders, Florentin joining in December 2022, and additional partners joining in January 2023. A separate press account reported 27% each for Grachev and the two Schweizers. DWF Labs’ own 2022 announcement described it as part of parent company Digital Wave Finance.", "qualification": "Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d6", "s-d16", "s-d18", "s-d43", "s-d44", "s-d70", "s-d94", "s-d163", "s-d291" ], "entity_ids": [ "e1", "e3", "e4", "e5", "e14", "e16", "e36", "e55", "e56", "e3002" ] }, { "id": "c-other-swiss-companies", "kind": "attributed", "text": "The directors also appear in separately identified Swiss companies. Rendchen is the sole board member of Bytom Capital Holding AG, CHE-488.131.643, registered on 7 January 2025. Remo Schweizer is recorded at Legacy Shift AG, CHE-173.013.513, while his BITWave AG mandate ended in the March 2024 publication history. Marco Schweizer is the sole board member of CTRL Shift AG, CHE-186.038.669, registered on 29 December 2025, and replaced Hans-Peter Schweizer on the board of Nial AG in the 2020 history. Nial’s much older legal identity and changed business purpose are independent of the DWF brand.", "qualification": "A holding-company name, similar purpose, shared office or a director’s surname does not prove that these companies own DWF or are DWF subsidiaries. CTRL Shift’s formation disclosure does not show a contribution of DWF shares. Board succession at Nial does not prove a share acquisition or a family relationship. Dates of register entry and public notice remain distinct.", "response": "", "outcome": "", "source_ids": [ "s-d22", "s-d23", "s-d25", "s-d53", "s-d54", "s-d80", "s-d308" ], "entity_ids": [ "e3", "e4", "e5", "e27", "e37", "e38", "e39", "e40", "e51" ] }, { "id": "c-bisang-finance", "kind": "attributed", "text": "Bisang’s wider professional record includes Qore Invest AG, WMZ Holding AG, the Tie-Break foundation and Turicum Private Bank. Qore’s history names him as sole board member and Christian Oliver Spring as managing director. WMZ is a separate holding company with several directors. Turicum Private Bank Limited is the Gibraltar company numbered 47119; its published governance describes Louis Bisang as an executive director representing a shareholder group, while Raymond Bisang is honorary chairman for life. The former Ares Sport company became Centara Research AG in 2024, with Louis and Raymond leaving its board as its name and seat changed.", "qualification": "These capacities are not proof that Swiss DWF owns the bank, foundation, property companies or their customers. Representing a shareholder group does not identify Bisang’s own equity percentage. The record does not infer a family relationship from names. A historical database label about termination of a registration at the old seat must not be turned into liquidation of the continuing Centara company.", "response": "", "outcome": "", "source_ids": [ "s-d51", "s-d81", "s-d113", "s-d144", "s-d145", "s-d147" ], "entity_ids": [ "e2", "e24", "e26", "e48", "e50", "e57", "e61", "e62", "e66" ] }, { "id": "c-bisang-hospitality", "kind": "attributed", "text": "The hospitality records distinguish equity from management. Kultstatus GmbH’s formation described Bisang holding ten of twenty CHF 1,000 units, or 50%. Sanapa GmbH’s 2022 formation allocated him five of thirty units, exactly one-sixth, alongside five other participants; it also records joint-signature management. Dros GmbH’s retained 2021 record gives him thirty of three hundred units, or 10%, while ending his management role. His Club Bellevue board mandate ended in November 2018, Fusion Kitchen chairmanship in July 2019 and Zollywood board mandate in November 2021.", "qualification": "One-sixth is not a precise 17% interest. A continuing participant is not necessarily a continuing manager. Later business-site overlap and Marco Ammann’s other appointments do not convert these establishments into DWF subsidiaries. Fusion Kitchen’s later deletion and each person’s earlier departure are separate events; the former DWF director’s unrelated companies are not current subject assets.", "response": "", "outcome": "", "source_ids": [ "s-d51", "s-d89", "s-d117", "s-d118", "s-d146", "s-d148", "s-d194", "s-d195", "s-d197" ], "entity_ids": [ "e2", "e49", "e58", "e59", "e60", "e63", "e64", "e73", "e74" ] }, { "id": "c-professional-services", "kind": "attributed", "text": "Marc Philipp Prinz’s firm biography identifies him as a VISCHER partner and employment-law practitioner; his former DPD Switzerland board role is separate from his brief DWF mandate. The auditor JURISAUDIT is the Swiss company CHE-114.623.136, formerly Swiss Compliance Services. Strasser & Vögtli Treuhand is CHE-110.056.712 and has its own board, signing officers and audit provider. Their client networks and professional rosters explain service connections without merging the firms.", "qualification": "A lawyer’s profession does not establish the precise purpose of his DWF board appointment. An audit appointment is not a finding that every transaction was proper or that fraud was excluded. Other audit clients and the auditor’s own officers are professional connections, not DWF owners or participants in every allegation.", "response": "", "outcome": "", "source_ids": [ "s-d27", "s-d79", "s-d87", "s-d104", "s-d193" ], "entity_ids": [ "e7", "e8", "e9", "e41", "e42", "e72", "e75", "e76", "e77", "e78" ] }, { "id": "c-grachev-career", "kind": "attributed", "text": "Grachev’s documented public career connects Crypsis Blockchain Holding, RACIB, Huobi Russia, Jiamix, VRM and later DWF Labs. A June 2018 Moscow Chamber of Commerce event announcement identifies Andrei Viktorovich Grachev as a RACIB vice-president and Crypsis managing partner. The retained accounts place his Huobi Russia leadership in 2018–2019, followed by Vladimir Demin; they differ on whether the appointment began in September or November. Jiamix was described as a local broker using OKEx infrastructure, not an OKEx subsidiary, and later closed.", "qualification": "A public career or matching initials does not establish identity with every same-name Russian director or litigant. Crypsis is a reported brand here; the exact legal vehicle is not conclusively identified. Old private tax, passport and residential identifiers are withheld. A retained redacted criminal record and transport-sector name matches are unresolved leads and are not assigned as convictions or transport-company ownership to the DWF partner.", "response": "", "outcome": "", "source_ids": [ "s-d6", "s-d16", "s-d45", "s-d66", "s-d205", "s-d269", "s-d283", "s-d309" ], "entity_ids": [ "e14", "e29", "e30", "e31", "e32", "e44", "e45", "e46", "e54", "e81", "e82" ] }, { "id": "c-older-complaints", "kind": "attributed", "text": "The 2019 original reporting raised three distinct matters: Grachev’s participation in a OneLife/DealShaker event and discussion of a possible OneCoin listing; a former business contact’s alleged unpaid US$10,000 loan; and investors’ complaints about Export.Online and a separate trading arrangement. The investment-club representative said RUB 10 million went into Export.Online and repayment promises were not met. He separately alleged that a RUB 8 million trading allocation lost about 80% in three months. These were attributed complaints, not an adjudicated award against DWF.", "qualification": "The token-sale target was an ambition, not money proved raised. The two investment amounts concern separate arrangements and must not be combined into one proven debt. The article reported that some investors were considering law-enforcement complaints; it did not establish a resulting conviction or repayment outcome. Later copied accounts do not supply independent corroboration.", "response": "Grachev initially said he did not know of the OneCoin connection and had not discussed its listing. When confronted with the reported video discussion, he said Huobi had received neither applications nor listing documents. On the investment complaints, he attributed dissatisfaction to a falling market and said public accusations distorted the situation rather than resolving it.", "outcome": "", "source_ids": [ "s-d6", "s-d66" ], "entity_ids": [ "e14", "e54" ] }, { "id": "c-vrm-black-ocean", "kind": "attributed", "text": "VRM Trade’s public history and the Latvian Vroom entity describe different things. Vroom, registration 40203277712, was incorporated in December 2020; the official notice records Grachev leaving its board in March 2023, and the directory records liquidation in June 2023. The brand’s claimed trading history went back to 2018. The later Black Ocean proposal described a dark pool and broker liquidity service built around the FLY token. Original reporting cited a March 2021 announcement of US$4.3 million raised, then an unnamed insider’s account that the exchange never launched and investors were not reimbursed.", "qualification": "The insider’s account is attributed reporting, not a court finding, and a token project’s funding is not audited revenue of the Swiss AG. The record describes subsequent acquisition of the FLY project by VRM Korea and continued development at the time of the 2023 report. It does not prove the status of every later product. An empty directory accounts table does not establish zero activity or an illicit company.", "response": "The company’s contemporary promotion described its launchpad as offering refunds when token performance failed specified conditions. That marketing claim is not adopted as a guarantee of risk-free investment. The original reporter sought comments from the named participants; the retained article does not supply an individual answer to every Black Ocean allegation.", "outcome": "", "source_ids": [ "s-d6", "s-d45", "s-d175", "s-d176", "s-d179", "s-d254" ], "entity_ids": [ "e1", "e14", "e18", "e32", "e33", "e44", "e46" ] }, { "id": "c-ftx", "kind": "attributed", "text": "The FTX bankruptcy equity-holder list filed on 9 January 2023 records Digital Wave Finance AG holding 381,534 Series B preferred shares. Separately, Grachev described DWF Labs as having funds on the failed exchange. In November 2022 DWF Labs publicly said it had minimized the impact of FTX’s collapse and would continue supporting projects.", "qualification": "An equity interest in FTX and a balance held on an exchange are different exposures. The statement did not establish zero loss or that the group was unaffected. The shareholder schedule is a dated holding record, not the present value of that investment, and the archive does not supply a final recovery calculation for this particular holding.", "response": "", "outcome": "", "source_ids": [ "s-d6", "s-d55", "s-d70" ], "entity_ids": [ "e1", "e14", "e17", "e36", "e55", "e56", "e3002" ] }, { "id": "c-otc-and-making", "kind": "attributed", "text": "Original reporting based on proposals, contracts and client conversations separates liquid-token purchases, locked-token investments and market-making services. Three reviewed liquid-token deals contemplated daily purchases at discounts of 5–15%, often in US$100,000–150,000 tranches. Locked-token examples used larger discounts and one- or two-year lockups. Market-making proposals included token loans and call options. These structures explain why a public announcement described as an investment need not mean an equity round or immediate payment of the entire announced sum.", "qualification": "The sample does not establish identical terms across every DWF transaction. A proposal is not a completed trade, and a call option is not itself evidence of wrongdoing. Reporting also described uneven client reports, including one client who independently confirmed that services were being provided. The publisher disclosed that a rival market-maker’s CEO was a minority shareholder and had previously sat on its board; that interest is relevant context, not proof that the documents are false.", "response": "Grachev said exchange transfers did not mean immediate dumping and that most recent purchased tokens had not been sold in the April 2023 interview. He later said DWF would announce transactions only after completion. In his September interview he described an autonomous, market-neutral trading system and denied manual intervention or manipulation.", "outcome": "", "source_ids": [ "s-d223", "s-d254" ], "entity_ids": [ "e14", "e36", "e55", "e92", "e93", "e94", "e3002" ] }, { "id": "c-price-management", "kind": "attributed", "text": "The same reporting described an early DWF Labs client deck discussing price management, order-book positioning around announcements and the ability to provide artificial volume. It also reported authenticated executive messaging about a client’s desired token-price increase. These were document-based journalistic allegations about communications and offered services, not a regulator’s determination that each proposed technique was used in a particular trade. The report said more recent decks had phased out some price-management wording.", "qualification": "Price movements after a partnership do not by themselves prove causation or manipulation. Competitors’ public criticism is not an independent judicial finding. The reporter expressly said it had not established that the named token projects had price-management conversations with DWF. That limit must remain attached to the visible counterparties.", "response": "DWF Labs declined comment or an interview for the December 2023 investigation. In a separate September interview Grachev explicitly denied manipulation, attributed sharp moves to thin liquidity and other traders, and described the firm’s strategy as autonomous and market-neutral.", "outcome": "", "source_ids": [ "s-d223", "s-d254", "s-d266" ], "entity_ids": [ "e14", "e36", "e3002" ] }, { "id": "c-positive-counterparties", "kind": "attributed", "text": "The Algorand Foundation described its US$50 million transaction as an OTC purchase of ALGO in tranches completed in July 2023. Its representative said their negotiations never suggested moving the market or supplying artificial volume. The EOS Network Foundation described a US$45 million token purchase plus a separate US$15 million ecosystem-investment commitment and praised the partnership’s results. A Floki representative said its US$5 million token-sale relationship brought exchange access, introductions and responsive support.", "qualification": "The EOS purchase and commitment are separate components; a future commitment is not automatically money already invested. These counterparties’ favorable accounts qualify the broader criticism without independently certifying every other DWF trade. Their token sales do not imply that DWF acquired corporate equity in the foundations.", "response": "", "outcome": "", "source_ids": [ "s-d223" ], "entity_ids": [ "e36", "e92", "e93", "e94", "e3002" ] }, { "id": "c-binance-allegations", "kind": "attributed", "text": "May 2024 reporting, relaying the Wall Street Journal’s investigation, said a Binance surveillance team had alleged that DWF Labs manipulated token prices and conducted more than US$300 million of wash trades in 2023. The reported figure concerned trading volume, not a proved US$300 million profit or investor loss. The reports said the team recommended removing the client and that its head was subsequently dismissed.", "qualification": "These are reported internal findings disputed by the companies, not a public court judgment against DWF. YGG trading narratives and secondary retellings share the same originating investigation and are not separate independent proofs. Photographs of wealth are not evidence of market manipulation.", "response": "Binance said the evidence was insufficient or not fully substantiated, rejected the suggestion that it permitted market abuse and described its surveillance and offboarding program. DWF called the allegations unfounded and distortive of its business practices. Heng Yu Lee characterized the attacks as driven by competitors. These denials remain beside the allegation rather than in a remote appendix.", "outcome": "", "source_ids": [ "s-d16", "s-d69", "s-d215", "s-d246", "s-d252" ], "entity_ids": [ "e14", "e36", "e55", "e96", "e3002" ] }, { "id": "c-binance-own-cases", "kind": "attributed", "text": "Official US releases identify separate proceedings against Binance entities. In December 2023 the CFTC announced a consent order against Binance Holdings Limited, Binance Holdings (IE) Limited, Binance (Services) Holdings Limited and Changpeng Zhao, with US$2.7 billion payable by Binance to the CFTC. The SEC’s 2023 civil case against Binance, US affiliates and Zhao later ended with a joint stipulation for dismissal with prejudice filed on 29 May 2025.", "qualification": "Neither release names Digital Wave Finance or DWF Labs as a defendant. Binance’s own enforcement history is context for the exchange and its surveillance, not a transferable finding against all customers. Aggregated screening records and regulatory warnings need exact legal identities and cannot be read as sanctions designations of the DWF group. The SEC dismissal does not erase the separate CFTC consent order.", "response": "", "outcome": "", "source_ids": [ "s-d265", "s-d283", "s-d285", "s-d306" ], "entity_ids": [ "e96", "e97", "e99" ] }, { "id": "c-wlfi-inquiry", "kind": "attributed", "text": "DWF Labs’ reported US$25 million WLFI token purchase became part of a May 2025 preliminary inquiry led by Senator Richard Blumenthal into World Liberty Financial and potential conflicts involving the US president’s cryptocurrency ventures. The 6 May letter to WLFI co-founder Zach Witkoff requested records, including communications with DWF Labs. It cited concerns about alleged market manipulation and the management’s earlier Russian business connections. A separate report dated the purchase to 4 April and described 250 million governance tokens.", "qualification": "The letter is an official request expressing concerns, not a sanctions designation, criminal charge or judgment against DWF. Its cited allegations still depend on their underlying evidence and denials. Buying governance tokens is not proof of corporate equity or control of WLFI. Timing near policy changes does not by itself establish a quid pro quo.", "response": "DWF’s substantive denial of the underlying manipulation allegations is retained in the market-conduct section. The retained letter does not include a DWF response to the senator or establish the final result of his inquiry.", "outcome": "", "source_ids": [ "s-d16", "s-d65", "s-d283" ], "entity_ids": [ "e14", "e34", "e36", "e3002" ] }, { "id": "c-licensing-and-dmcc", "kind": "attributed", "text": "The BVI Financial Services Commission’s register identifies DWF MaaS Limited, trading as DWF Labs, as a virtual-assets service provider authorized for exchange between virtual assets and services connected with an issuer’s offering or sale. A 3 September 2026 DWF announcement describes a group entity receiving that approval. Separately, DMCC’s March 2023 announcement described a US$5 million growth platform with DWF Labs and a proposed DWF Ventures Studio, following the February partnership event.", "qualification": "The BVI registration belongs to the specifically named entity, not automatically to Swiss Digital Wave Finance or the Singapore company. The DMCC initiative is an announced program, not proof that all promised investments occurred or that every group activity is licensed. Claims about serving more than eighty exchanges or incubating Falcon Finance are company descriptions rather than audited market-share evidence.", "response": "", "outcome": "", "source_ids": [ "s-d121", "s-d163", "s-d173" ], "entity_ids": [ "e14", "e36", "e55", "e65", "e70", "e3002" ] }, { "id": "c-interactive-strength", "kind": "attributed", "text": "Interactive Strength’s SEC-filed prospectus describes a 10 June 2025 financing involving the issuer and its wholly owned Treasury subsidiary as borrowers, and unnamed entities affiliated with DWF Labs and ATW Partners as investors. Together they paid US$50 million for notes with US$55,555,555 principal, a 10% original-issue discount, 12% interest and an eighteen-month maturity. The agreement also allowed additional notes up to US$444,444,445 principal. The notes could convert into issuer shares or exchange into FET tokens under specified conditions.", "qualification": "The filing does not allocate the entire initial funding to DWF or name the exact DWF-affiliated lender in this passage. Potential additional issuance is not cash already advanced. The accepted graph therefore uses a separately identified unnamed DWF-affiliated investor, rather than assigning a US$500 million loan to the Swiss AG or Singapore company. The embedded balance is explicitly dated August 2025 even though the prospectus was filed later.", "response": "", "outcome": "", "source_ids": [ "s-d165" ], "entity_ids": [ "e36", "e69", "e3001", "e3002" ] }, { "id": "c-mother-complaint", "kind": "attributed", "text": "The complaint filed on 4 May 2026 in Kolbrak v Kelly, SDNY 1:26-cv-03681, alleges misleading promotion of the MOTHER token and its proposed commercial uses. It describes the July 2024 DWF Labs partnership, token inventory supplied to market makers and an alleged price surge after the announcement. Its named defendant is Amethyst Amelia Kelly, known as Iggy Azalea, alongside unidentified Doe defendants; DWF Labs is discussed as a market maker but is not a named defendant in the retained pleading.", "qualification": "The plaintiff’s account is an allegation, not an adjudicated finding that DWF manipulated MOTHER or caused the token’s decline. Unidentified Doe defendants cannot simply be replaced with DWF. The complaint itself says holders had no equity in the promoter’s businesses. A limited docket-name search cannot establish that a person or company has no other litigation.", "response": "The retained filing does not contain a substantive DWF answer. No final merits outcome for this complaint is established in the material reviewed here.", "outcome": "", "source_ids": [ "s-d160", "s-d161" ], "entity_ids": [ "e36", "e68", "e3002" ] }, { "id": "c-ng-departure", "kind": "attributed", "text": "In October 2024 a woman publicly alleged that a DWF Labs partner had spiked her drink during a work-related meeting in Hong Kong. DWF announced immediate removal of a partner from management and operations while investigating; subsequent reporting quoted Grachev identifying Eugene Ng as that partner. OpenEden also announced removal of a team member from management and operations. The later report said the complainant had contacted police and that Grachev’s team was considering further legal action.", "qualification": "The company actions are established through the contemporaneous statements and reporting; the underlying allegation is not presented as a conviction. Considering legal action is not the same as filing a lawsuit. The retained material does not establish a subsequent charge, trial result or final civil disposition. The complainant’s identity and unnecessary personal details are withheld.", "response": "DWF described the allegations as concerning and unacceptable and said it was investigating. Ng did not respond to the later reporter’s request; nonresponse is not an admission. Grachev did not provide further comment to that outlet.", "outcome": "", "source_ids": [ "s-d219", "s-d239" ], "entity_ids": [ "e14", "e36", "e56", "e87", "e3002" ] }, { "id": "c-identity-limits", "kind": "analysis", "text": "Some expansion leads remain outside the accepted ownership network. A Russian company with a similar Crypsis name has its own registration, founders and 2020 deletion history, but the retained record does not conclusively equate that company with the Crypsis brand in Grachev’s career. Likewise, Polish records concerning Michael Sebastian Rendchen describe real companies and capacities, but the material does not conclusively establish identity with the Swiss DWF director Michael Rendchen.", "qualification": "Similar names, initials, language knowledge, business names and approximate biographical alignment are insufficient to transfer ownership or adverse findings between people. Redacted records must not be reconstructed from speculation. These leads remain explicitly unresolved in the private disposition ledger rather than appearing as verified DWF assets or accusations. Directory searches showing no litigation or no holdings are not comprehensive clearance.", "response": "", "outcome": "", "source_ids": [ "s-d6", "s-d16", "s-d46", "s-d203", "s-d209", "s-d211", "s-d234", "s-d288", "s-d300", "s-d301", "s-d303", "s-d317", "s-d318", "s-d331", "s-d332" ], "entity_ids": [ "e3", "e14", "e29" ] }, { "id": "c-role-1", "kind": "attributed", "text": "Louis Raymond Bisang — Digital Wave Finance AG. Capacity: Chair, then board member. Period: 18 December 2018–7 August 2020; chair until 18 December 2019.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. These are register-entry dates. Later publication dates in directory notices must not silently move an appointment or resignation. A board mandate does not establish equity ownership. The historical management network must not be presented as the current board.", "response": "", "outcome": "The audit-waiver period ended with the October 2023 change. Strasser & Vögtli’s audit appointment ran from 31 October 2023 until its removal on 22 January 2024; JURISAUDIT was entered on 12 March 2024.", "source_ids": [ "s-d10", "s-d21", "s-d25", "s-d28", "s-d4", "s-d71" ], "entity_ids": [ "e1", "e2" ] }, { "id": "c-role-2", "kind": "attributed", "text": "Michael Rendchen — Digital Wave Finance AG. Capacity: Board member; chair during the recorded 2019–2022 interval. Period: 18 December 2018–2 December 2022; chair 18 December 2019–23 August 2022.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. These are register-entry dates. Later publication dates in directory notices must not silently move an appointment or resignation. A board mandate does not establish equity ownership. The historical management network must not be presented as the current board.", "response": "", "outcome": "The audit-waiver period ended with the October 2023 change. Strasser & Vögtli’s audit appointment ran from 31 October 2023 until its removal on 22 January 2024; JURISAUDIT was entered on 12 March 2024.", "source_ids": [ "s-d10", "s-d21", "s-d25", "s-d28", "s-d4", "s-d71" ], "entity_ids": [ "e1", "e3" ] }, { "id": "c-role-3", "kind": "attributed", "text": "Marco Schweizer — Digital Wave Finance AG. Capacity: Board member; later chair and sole board member. Period: Board from 18 December 2019; sole member from 6 August 2024 in retained register.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. These are register-entry dates. Later publication dates in directory notices must not silently move an appointment or resignation. A board mandate does not establish equity ownership. The historical management network must not be presented as the current board.", "response": "", "outcome": "The audit-waiver period ended with the October 2023 change. Strasser & Vögtli’s audit appointment ran from 31 October 2023 until its removal on 22 January 2024; JURISAUDIT was entered on 12 March 2024.", "source_ids": [ "s-d10", "s-d21", "s-d25", "s-d28", "s-d4" ], "entity_ids": [ "e1", "e4" ] }, { "id": "c-role-4", "kind": "attributed", "text": "Remo Schweizer — Digital Wave Finance AG. Capacity: Chair during the short recorded mandate. Period: 23 August–2 December 2022.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. These are register-entry dates. Later publication dates in directory notices must not silently move an appointment or resignation. A board mandate does not establish equity ownership. The historical management network must not be presented as the current board.", "response": "", "outcome": "The audit-waiver period ended with the October 2023 change. Strasser & Vögtli’s audit appointment ran from 31 October 2023 until its removal on 22 January 2024; JURISAUDIT was entered on 12 March 2024.", "source_ids": [ "s-d10", "s-d21", "s-d25", "s-d28", "s-d4" ], "entity_ids": [ "e1", "e5" ] }, { "id": "c-role-5", "kind": "attributed", "text": "Irène Saxer — Digital Wave Finance AG. Capacity: Procurist, then board member. Period: Procuration from 23 May 2022, board from 31 October 2023, ended 6 August 2024.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. These are register-entry dates. Later publication dates in directory notices must not silently move an appointment or resignation. A board mandate does not establish equity ownership. The historical management network must not be presented as the current board.", "response": "", "outcome": "The audit-waiver period ended with the October 2023 change. Strasser & Vögtli’s audit appointment ran from 31 October 2023 until its removal on 22 January 2024; JURISAUDIT was entered on 12 March 2024.", "source_ids": [ "s-d10", "s-d21", "s-d25", "s-d28", "s-d4" ], "entity_ids": [ "e1", "e6" ] }, { "id": "c-role-6", "kind": "attributed", "text": "Marc Philipp Prinz — Digital Wave Finance AG. Capacity: Board member. Period: 31 October 2023–6 August 2024.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. These are register-entry dates. Later publication dates in directory notices must not silently move an appointment or resignation. A board mandate does not establish equity ownership. The historical management network must not be presented as the current board.", "response": "", "outcome": "The audit-waiver period ended with the October 2023 change. Strasser & Vögtli’s audit appointment ran from 31 October 2023 until its removal on 22 January 2024; JURISAUDIT was entered on 12 March 2024.", "source_ids": [ "s-d10", "s-d21", "s-d25", "s-d28", "s-d4" ], "entity_ids": [ "e1", "e7" ] }, { "id": "c-role-7", "kind": "attributed", "text": "Strasser & Vögtli Treuhand AG — Digital Wave Finance AG. Capacity: Statutory auditor. Period: 31 October 2023–22 January 2024.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. These are register-entry dates. Later publication dates in directory notices must not silently move an appointment or resignation. A board mandate does not establish equity ownership. The historical management network must not be presented as the current board.", "response": "", "outcome": "The audit-waiver period ended with the October 2023 change. Strasser & Vögtli’s audit appointment ran from 31 October 2023 until its removal on 22 January 2024; JURISAUDIT was entered on 12 March 2024.", "source_ids": [ "s-d10", "s-d21", "s-d25", "s-d28", "s-d4" ], "entity_ids": [ "e1", "e8" ] }, { "id": "c-role-8", "kind": "attributed", "text": "JURISAUDIT AG — Digital Wave Finance AG. Capacity: Statutory auditor. Period: Audit entry 12 March 2024; retained register.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. These are register-entry dates. Later publication dates in directory notices must not silently move an appointment or resignation. A board mandate does not establish equity ownership. The historical management network must not be presented as the current board.", "response": "", "outcome": "The audit-waiver period ended with the October 2023 change. Strasser & Vögtli’s audit appointment ran from 31 October 2023 until its removal on 22 January 2024; JURISAUDIT was entered on 12 March 2024.", "source_ids": [ "s-d10", "s-d21", "s-d25", "s-d28", "s-d4", "s-d79" ], "entity_ids": [ "e1", "e9" ] }, { "id": "c-role-9", "kind": "attributed", "text": "Marco Schweizer — Digital Wave Finance AG. Capacity: Reported co-founder and trading leader; no exact equity percentage. Period: Reported founding/trading leadership from 2018; operational role not inferred beyond separately established departures.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Reported profit, capital and trading-volume figures are not audited accounts. Grachev’s retrospective account places preferential Huobi access in April 2018, before the Swiss company’s December incorporation and before other sources place his Huobi Russia appointment. That chronology is unresolved. A brand’s retrospective 2018 trading history is not a 2018 incorporation date for the later Singapore company or Latvian vehicle. The unnamed Cayman trading company in his interview is not identified as a specific legal entity.", "response": "Grachev describes a self-funded trading business with no outside investors, a Swiss data centre and proprietary systems. His account is retained as his explanation rather than independently verified financial performance.", "outcome": "", "source_ids": [ "s-d254", "s-d309", "s-d6" ], "entity_ids": [ "e1", "e4" ] }, { "id": "c-role-10", "kind": "attributed", "text": "Remo Schweizer — Digital Wave Finance AG. Capacity: Reported co-founder and trading leader; no exact equity percentage. Period: Reported founding/trading leadership from 2018; operational role not inferred beyond separately established departures.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Reported profit, capital and trading-volume figures are not audited accounts. Grachev’s retrospective account places preferential Huobi access in April 2018, before the Swiss company’s December incorporation and before other sources place his Huobi Russia appointment. That chronology is unresolved. A brand’s retrospective 2018 trading history is not a 2018 incorporation date for the later Singapore company or Latvian vehicle. The unnamed Cayman trading company in his interview is not identified as a specific legal entity.", "response": "Grachev describes a self-funded trading business with no outside investors, a Swiss data centre and proprietary systems. His account is retained as his explanation rather than independently verified financial performance.", "outcome": "", "source_ids": [ "s-d254", "s-d309", "s-d6" ], "entity_ids": [ "e1", "e5" ] }, { "id": "c-role-11", "kind": "attributed", "text": "Michael Rendchen — Digital Wave Finance AG. Capacity: Reported co-founder and trading leader; no exact equity percentage. Period: Reported founding/trading leadership from 2018; operational role not inferred beyond separately established departures.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Reported profit, capital and trading-volume figures are not audited accounts. Grachev’s retrospective account places preferential Huobi access in April 2018, before the Swiss company’s December incorporation and before other sources place his Huobi Russia appointment. That chronology is unresolved. A brand’s retrospective 2018 trading history is not a 2018 incorporation date for the later Singapore company or Latvian vehicle. The unnamed Cayman trading company in his interview is not identified as a specific legal entity.", "response": "Grachev describes a self-funded trading business with no outside investors, a Swiss data centre and proprietary systems. His account is retained as his explanation rather than independently verified financial performance.", "outcome": "", "source_ids": [ "s-d254", "s-d309", "s-d6" ], "entity_ids": [ "e1", "e3" ] }, { "id": "c-role-13", "kind": "attributed", "text": "Marco Schweizer — IMC Trading. Capacity: Former trader. Period: Employment before the Swiss trading venture; precise dates not established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Reported profit, capital and trading-volume figures are not audited accounts. Grachev’s retrospective account places preferential Huobi access in April 2018, before the Swiss company’s December incorporation and before other sources place his Huobi Russia appointment. That chronology is unresolved. A brand’s retrospective 2018 trading history is not a 2018 incorporation date for the later Singapore company or Latvian vehicle. The unnamed Cayman trading company in his interview is not identified as a specific legal entity.", "response": "Grachev describes a self-funded trading business with no outside investors, a Swiss data centre and proprietary systems. His account is retained as his explanation rather than independently verified financial performance.", "outcome": "", "source_ids": [ "s-d254", "s-d309", "s-d6" ], "entity_ids": [ "e4", "e10" ] }, { "id": "c-role-14", "kind": "attributed", "text": "Remo Schweizer — Turcapital AG (formerly Digital Wave Assets AG). Capacity: Former board member. Period: 16 December 2019–4 September 2020.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Shared early directors, brand descriptions and business addresses do not prove that Turcapital is owned by Digital Wave Finance. FINMA’s entry applies to Turcapital, not automatically to the Swiss subject, Darley or every DWF-branded entity. A partly recognized PDF search cannot certify that the subject has no authorization. A historic LEI address for Digital Wave Assets and a later directory address for DWF do not alone prove contemporaneous co-occupation in 2020.", "response": "Tobias Straube, speaking as COO of Digital Waves, expressly denied active business, collaboration or transactions between his company and DWF/DWF Labs, while acknowledging limited relationships involving individual shareholders. That denial qualifies the otherwise visible shared-person network.", "outcome": "", "source_ids": [ "s-d10", "s-d13", "s-d244", "s-d299", "s-d6" ], "entity_ids": [ "e5", "e24" ] }, { "id": "c-role-15", "kind": "attributed", "text": "Michael Rendchen — Turcapital AG (formerly Digital Wave Assets AG). Capacity: Former board member. Period: 16 December 2019–4 September 2020.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Shared early directors, brand descriptions and business addresses do not prove that Turcapital is owned by Digital Wave Finance. FINMA’s entry applies to Turcapital, not automatically to the Swiss subject, Darley or every DWF-branded entity. A partly recognized PDF search cannot certify that the subject has no authorization. A historic LEI address for Digital Wave Assets and a later directory address for DWF do not alone prove contemporaneous co-occupation in 2020.", "response": "Tobias Straube, speaking as COO of Digital Waves, expressly denied active business, collaboration or transactions between his company and DWF/DWF Labs, while acknowledging limited relationships involving individual shareholders. That denial qualifies the otherwise visible shared-person network.", "outcome": "", "source_ids": [ "s-d10", "s-d13", "s-d244", "s-d299", "s-d6" ], "entity_ids": [ "e3", "e24" ] }, { "id": "c-role-16", "kind": "attributed", "text": "Louis Raymond Bisang — Turcapital AG (formerly Digital Wave Assets AG). Capacity: Chair. Period: Chair recorded from formation on 16 December 2019; retained register.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Shared early directors, brand descriptions and business addresses do not prove that Turcapital is owned by Digital Wave Finance. FINMA’s entry applies to Turcapital, not automatically to the Swiss subject, Darley or every DWF-branded entity. A partly recognized PDF search cannot certify that the subject has no authorization. A historic LEI address for Digital Wave Assets and a later directory address for DWF do not alone prove contemporaneous co-occupation in 2020.", "response": "Tobias Straube, speaking as COO of Digital Waves, expressly denied active business, collaboration or transactions between his company and DWF/DWF Labs, while acknowledging limited relationships involving individual shareholders. That denial qualifies the otherwise visible shared-person network.", "outcome": "", "source_ids": [ "s-d10", "s-d13", "s-d244", "s-d299", "s-d6" ], "entity_ids": [ "e2", "e24" ] }, { "id": "c-role-17", "kind": "attributed", "text": "Tobias Straube — Turcapital AG (formerly Digital Wave Assets AG). Capacity: Chief operating officer. Period: Role when quoted in December 2023 reporting; later status not established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Shared early directors, brand descriptions and business addresses do not prove that Turcapital is owned by Digital Wave Finance. FINMA’s entry applies to Turcapital, not automatically to the Swiss subject, Darley or every DWF-branded entity. A partly recognized PDF search cannot certify that the subject has no authorization. A historic LEI address for Digital Wave Assets and a later directory address for DWF do not alone prove contemporaneous co-occupation in 2020.", "response": "Tobias Straube, speaking as COO of Digital Waves, expressly denied active business, collaboration or transactions between his company and DWF/DWF Labs, while acknowledging limited relationships involving individual shareholders. That denial qualifies the otherwise visible shared-person network.", "outcome": "", "source_ids": [ "s-d13", "s-d244", "s-d299", "s-d6" ], "entity_ids": [ "e12", "e24" ] }, { "id": "c-role-18", "kind": "attributed", "text": "DWF Labs (group brand; contracting entity varies) — Digital Wave Finance AG. Capacity: Reported group connection; not a verified direct equity chain. Period: Dated historical group descriptions; no complete current direct equity chain established.", "qualification": "The DWF Labs endpoint denotes the group brand; the cited account does not always identify its exact contracting legal entity. This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d16", "s-d163", "s-d18", "s-d291", "s-d43", "s-d44", "s-d6", "s-d70", "s-d94" ], "entity_ids": [ "e1", "e3002" ] }, { "id": "c-role-19", "kind": "attributed", "text": "Andrei Grachev — DWF LABS PTE. LTD. (Singapore). Capacity: Reported founder and initial shareholder of the Singapore company. Period: Initial ownership reported from June 2022; later exact interest not established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d16", "s-d163", "s-d18", "s-d291", "s-d43", "s-d44", "s-d6", "s-d70", "s-d94" ], "entity_ids": [ "e14", "e36" ] }, { "id": "c-role-20", "kind": "attributed", "text": "Marco Schweizer — DWF LABS PTE. LTD. (Singapore). Capacity: Reported initial shareholder. Period: Initial ownership reported from June 2022; later exact interest not established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d16", "s-d163", "s-d18", "s-d291", "s-d43", "s-d44", "s-d6", "s-d70", "s-d94" ], "entity_ids": [ "e4", "e36" ] }, { "id": "c-role-21", "kind": "attributed", "text": "Remo Schweizer — DWF LABS PTE. LTD. (Singapore). Capacity: Reported initial shareholder. Period: Initial ownership reported from June 2022; later exact interest not established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d16", "s-d163", "s-d18", "s-d291", "s-d43", "s-d44", "s-d6", "s-d70", "s-d94" ], "entity_ids": [ "e5", "e36" ] }, { "id": "c-role-22", "kind": "attributed", "text": "Michael Rendchen — DWF LABS PTE. LTD. (Singapore). Capacity: Reported initial shareholder; interest ended in 2022. Period: Initial 2022 shareholding; Rendchen states his interest ended in 2022.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d16", "s-d163", "s-d18", "s-d291", "s-d43", "s-d44", "s-d6", "s-d70", "s-d94" ], "entity_ids": [ "e3", "e36" ] }, { "id": "c-role-23", "kind": "attributed", "text": "Marco Schweizer — Darley Technologies AG. Capacity: Reported founding shareholder and board member. Period: Reported founding shareholding and board entry in May 2021; later equity not established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Shared directors, a historical shared business site and a recruiting account support an operational connection, not a complete direct-shareholding chain. The register’s board list does not itself prove the reported founding shareholder allocations. The 2025 purpose amendment and 2026 recruiting evidence concern different dates from formation.", "response": "Rendchen told the original reporter that he had no operational role in Digital Wave Finance or Darley after leaving their boards in 2022, had never held an operational role in DWF Labs and retained no interest in DWF Labs after his 2022 departure.", "outcome": "", "source_ids": [ "s-d114", "s-d14", "s-d313", "s-d6" ], "entity_ids": [ "e4", "e23" ] }, { "id": "c-role-24", "kind": "attributed", "text": "Michael Rendchen — Darley Technologies AG. Capacity: Reported founding shareholder. Period: Reported founding shareholding from May 2021; 2022 board exit does not separately date every equity disposal.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Shared directors, a historical shared business site and a recruiting account support an operational connection, not a complete direct-shareholding chain. The register’s board list does not itself prove the reported founding shareholder allocations. The 2025 purpose amendment and 2026 recruiting evidence concern different dates from formation.", "response": "Rendchen told the original reporter that he had no operational role in Digital Wave Finance or Darley after leaving their boards in 2022, had never held an operational role in DWF Labs and retained no interest in DWF Labs after his 2022 departure.", "outcome": "", "source_ids": [ "s-d114", "s-d14", "s-d313", "s-d6" ], "entity_ids": [ "e3", "e23" ] }, { "id": "c-role-25", "kind": "attributed", "text": "Clement Florentin — Darley Technologies AG. Capacity: Chair. Period: Chair entered 19 October 2022; retained register.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Shared directors, a historical shared business site and a recruiting account support an operational connection, not a complete direct-shareholding chain. The register’s board list does not itself prove the reported founding shareholder allocations. The 2025 purpose amendment and 2026 recruiting evidence concern different dates from formation.", "response": "Rendchen told the original reporter that he had no operational role in Digital Wave Finance or Darley after leaving their boards in 2022, had never held an operational role in DWF Labs and retained no interest in DWF Labs after his 2022 departure.", "outcome": "", "source_ids": [ "s-d114", "s-d14", "s-d313", "s-d6" ], "entity_ids": [ "e16", "e23" ] }, { "id": "c-role-26", "kind": "attributed", "text": "Remo Schweizer — Darley Technologies AG. Capacity: Board member. Period: Board entry 19 October 2022; retained register.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Shared directors, a historical shared business site and a recruiting account support an operational connection, not a complete direct-shareholding chain. The register’s board list does not itself prove the reported founding shareholder allocations. The 2025 purpose amendment and 2026 recruiting evidence concern different dates from formation.", "response": "Rendchen told the original reporter that he had no operational role in Digital Wave Finance or Darley after leaving their boards in 2022, had never held an operational role in DWF Labs and retained no interest in DWF Labs after his 2022 departure.", "outcome": "", "source_ids": [ "s-d10", "s-d114", "s-d14", "s-d313", "s-d6" ], "entity_ids": [ "e5", "e23" ] }, { "id": "c-role-27", "kind": "attributed", "text": "Darley Technologies AG — Digital Wave Finance AG. Capacity: Operationally related trading business; shared team described by a participant. Period: Shared-team relationship described in 2023 interview; later recruiting corroboration July 2026.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Shared directors, a historical shared business site and a recruiting account support an operational connection, not a complete direct-shareholding chain. The register’s board list does not itself prove the reported founding shareholder allocations. The 2025 purpose amendment and 2026 recruiting evidence concern different dates from formation.", "response": "Rendchen told the original reporter that he had no operational role in Digital Wave Finance or Darley after leaving their boards in 2022, had never held an operational role in DWF Labs and retained no interest in DWF Labs after his 2022 departure.", "outcome": "", "source_ids": [ "s-d114", "s-d14", "s-d313", "s-d6" ], "entity_ids": [ "e1", "e23" ] }, { "id": "c-role-29", "kind": "attributed", "text": "Michael Rendchen — Darley Technologies AG. Capacity: Former chair. Period: Chair from 6 May 2021; mandate ended 19 October 2022.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Shared directors, a historical shared business site and a recruiting account support an operational connection, not a complete direct-shareholding chain. The register’s board list does not itself prove the reported founding shareholder allocations. The 2025 purpose amendment and 2026 recruiting evidence concern different dates from formation.", "response": "Rendchen told the original reporter that he had no operational role in Digital Wave Finance or Darley after leaving their boards in 2022, had never held an operational role in DWF Labs and retained no interest in DWF Labs after his 2022 departure.", "outcome": "", "source_ids": [ "s-d10", "s-d114", "s-d14", "s-d313", "s-d6" ], "entity_ids": [ "e3", "e23" ] }, { "id": "c-role-30", "kind": "attributed", "text": "Clement Florentin — DWF LABS PTE. LTD. (Singapore). Capacity: Reported shareholder joining in December 2022. Period: Shareholder reported from December 2022; subsequent exact stake not established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d16", "s-d163", "s-d18", "s-d291", "s-d43", "s-d44", "s-d6", "s-d70", "s-d94" ], "entity_ids": [ "e16", "e36" ] }, { "id": "c-role-31", "kind": "attributed", "text": "Digital Wave Finance AG — FTX Trading Ltd.. Capacity: Holder of 381,534 Series B preferred shares in the January 2023 court schedule. Period: 381,534 Series B shares in court schedule filed 9 January 2023; current recovery/value not established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. An equity interest in FTX and a balance held on an exchange are different exposures. The statement did not establish zero loss or that the group was unaffected. The shareholder schedule is a dated holding record, not the present value of that investment, and the archive does not supply a final recovery calculation for this particular holding.", "response": "", "outcome": "", "source_ids": [ "s-d55", "s-d6", "s-d70" ], "entity_ids": [ "e1", "e17" ] }, { "id": "c-role-32", "kind": "attributed", "text": "Andrei Grachev — Digital Wave Finance AG. Capacity: Reported trading and exchange-access collaboration. Period: VRM collaboration described around late 2020; later brands and legal vehicles distinguished.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Reported profit, capital and trading-volume figures are not audited accounts. Grachev’s retrospective account places preferential Huobi access in April 2018, before the Swiss company’s December incorporation and before other sources place his Huobi Russia appointment. That chronology is unresolved. A brand’s retrospective 2018 trading history is not a 2018 incorporation date for the later Singapore company or Latvian vehicle. The unnamed Cayman trading company in his interview is not identified as a specific legal entity.", "response": "Grachev describes a self-funded trading business with no outside investors, a Swiss data centre and proprietary systems. His account is retained as his explanation rather than independently verified financial performance.", "outcome": "", "source_ids": [ "s-d254", "s-d309", "s-d6" ], "entity_ids": [ "e1", "e14" ] }, { "id": "c-role-33", "kind": "attributed", "text": "Andrei Grachev — Vroom SIA (Latvia). Capacity: Reported founder of the Latvian vehicle. Period: Latvian entity registered December 2020; liquidated June 2023.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Reported profit, capital and trading-volume figures are not audited accounts. Grachev’s retrospective account places preferential Huobi access in April 2018, before the Swiss company’s December incorporation and before other sources place his Huobi Russia appointment. That chronology is unresolved. A brand’s retrospective 2018 trading history is not a 2018 incorporation date for the later Singapore company or Latvian vehicle. The unnamed Cayman trading company in his interview is not identified as a specific legal entity.", "response": "Grachev describes a self-funded trading business with no outside investors, a Swiss data centre and proprietary systems. His account is retained as his explanation rather than independently verified financial performance.", "outcome": "", "source_ids": [ "s-d179", "s-d254", "s-d309", "s-d6" ], "entity_ids": [ "e14", "e18" ] }, { "id": "c-role-34", "kind": "attributed", "text": "Sylvain Barbezange — Digital Wave Finance AG. Capacity: Head of Institutions. Period: Professional profile reported a move in February 2023; later status not established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d16", "s-d163", "s-d18", "s-d291", "s-d43", "s-d44", "s-d6", "s-d70", "s-d94" ], "entity_ids": [ "e1", "e19" ] }, { "id": "c-role-35", "kind": "attributed", "text": "Sylvain Barbezange — Darley Technologies AG. Capacity: Former head of OTC trading. Period: OTC role before the reported February 2023 move.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d16", "s-d163", "s-d18", "s-d291", "s-d43", "s-d44", "s-d6", "s-d70", "s-d94" ], "entity_ids": [ "e19", "e23" ] }, { "id": "c-role-41", "kind": "attributed", "text": "Louis Raymond Bisang — Gönnerstiftung Tie-Break. Capacity: Foundation board member; previously chair. Period: Foundation registered 9 February 2006; retained roster identifies member, formerly chair.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. These capacities are not proof that Swiss DWF owns the bank, foundation, property companies or their customers. Representing a shareholder group does not identify Bisang’s own equity percentage. The record does not infer a family relationship from names. A historical database label about termination of a registration at the old seat must not be turned into liquidation of the continuing Centara company. Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d10", "s-d113", "s-d144", "s-d145", "s-d147", "s-d16", "s-d163", "s-d18", "s-d291", "s-d43", "s-d44", "s-d51", "s-d6", "s-d70", "s-d81", "s-d94" ], "entity_ids": [ "e2", "e26" ] }, { "id": "c-role-42", "kind": "attributed", "text": "Marco Schweizer — Darley Technologies AG. Capacity: Board member. Period: Board entry 6 May 2021; joint signing after October 2022 change.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Shared directors, a historical shared business site and a recruiting account support an operational connection, not a complete direct-shareholding chain. The register’s board list does not itself prove the reported founding shareholder allocations. The 2025 purpose amendment and 2026 recruiting evidence concern different dates from formation.", "response": "Rendchen told the original reporter that he had no operational role in Digital Wave Finance or Darley after leaving their boards in 2022, had never held an operational role in DWF Labs and retained no interest in DWF Labs after his 2022 departure.", "outcome": "", "source_ids": [ "s-d10", "s-d114", "s-d14", "s-d25", "s-d313", "s-d6" ], "entity_ids": [ "e4", "e23" ] }, { "id": "c-role-43", "kind": "attributed", "text": "Marco Schweizer — Nial AG. Capacity: Sole board member with individual signature. Period: Board replacement entered in October 2020; retained register.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. A holding-company name, similar purpose, shared office or a director’s surname does not prove that these companies own DWF or are DWF subsidiaries. CTRL Shift’s formation disclosure does not show a contribution of DWF shares. Board succession at Nial does not prove a share acquisition or a family relationship. Dates of register entry and public notice remain distinct.", "response": "", "outcome": "", "source_ids": [ "s-d10", "s-d21", "s-d22", "s-d23", "s-d25", "s-d308", "s-d53", "s-d54", "s-d80" ], "entity_ids": [ "e4", "e27" ] }, { "id": "c-role-44", "kind": "attributed", "text": "Turcapital AG (formerly Digital Wave Assets AG) — Digital Wave Finance AG. Capacity: Reported group connection; not a verified direct equity chain. Period: Dated historical group descriptions; no complete current direct equity chain established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Shared early directors, brand descriptions and business addresses do not prove that Turcapital is owned by Digital Wave Finance. FINMA’s entry applies to Turcapital, not automatically to the Swiss subject, Darley or every DWF-branded entity. A partly recognized PDF search cannot certify that the subject has no authorization. A historic LEI address for Digital Wave Assets and a later directory address for DWF do not alone prove contemporaneous co-occupation in 2020.", "response": "Tobias Straube, speaking as COO of Digital Waves, expressly denied active business, collaboration or transactions between his company and DWF/DWF Labs, while acknowledging limited relationships involving individual shareholders. That denial qualifies the otherwise visible shared-person network.", "outcome": "", "source_ids": [ "s-d13", "s-d244", "s-d299", "s-d6", "s-d70" ], "entity_ids": [ "e1", "e24" ] }, { "id": "c-role-48", "kind": "attributed", "text": "Tobias Straube — Turcapital AG (formerly Digital Wave Assets AG). Capacity: Board member. Period: Board entry 4 September 2020; retained register.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Shared early directors, brand descriptions and business addresses do not prove that Turcapital is owned by Digital Wave Finance. FINMA’s entry applies to Turcapital, not automatically to the Swiss subject, Darley or every DWF-branded entity. A partly recognized PDF search cannot certify that the subject has no authorization. A historic LEI address for Digital Wave Assets and a later directory address for DWF do not alone prove contemporaneous co-occupation in 2020.", "response": "Tobias Straube, speaking as COO of Digital Waves, expressly denied active business, collaboration or transactions between his company and DWF/DWF Labs, while acknowledging limited relationships involving individual shareholders. That denial qualifies the otherwise visible shared-person network.", "outcome": "", "source_ids": [ "s-d13", "s-d244", "s-d299", "s-d6" ], "entity_ids": [ "e12", "e24" ] }, { "id": "c-role-49", "kind": "attributed", "text": "Tobias Widmer — Turcapital AG (formerly Digital Wave Assets AG). Capacity: Board member. Period: Board entry 28 September 2026.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Shared early directors, brand descriptions and business addresses do not prove that Turcapital is owned by Digital Wave Finance. FINMA’s entry applies to Turcapital, not automatically to the Swiss subject, Darley or every DWF-branded entity. A partly recognized PDF search cannot certify that the subject has no authorization. A historic LEI address for Digital Wave Assets and a later directory address for DWF do not alone prove contemporaneous co-occupation in 2020.", "response": "Tobias Straube, speaking as COO of Digital Waves, expressly denied active business, collaboration or transactions between his company and DWF/DWF Labs, while acknowledging limited relationships involving individual shareholders. That denial qualifies the otherwise visible shared-person network.", "outcome": "", "source_ids": [ "s-d13", "s-d244", "s-d299", "s-d6" ], "entity_ids": [ "e24", "e28" ] }, { "id": "c-role-54", "kind": "attributed", "text": "Darley Technologies AG — Digital Wave Finance AG. Capacity: Recorded shared business site. Period: Historical shared business site 20 June 2023–15 June 2026.", "qualification": "A shared corporate address is not proof of common ownership or control. Shared directors, a historical shared business site and a recruiting account support an operational connection, not a complete direct-shareholding chain. The register’s board list does not itself prove the reported founding shareholder allocations. The 2025 purpose amendment and 2026 recruiting evidence concern different dates from formation.", "response": "Rendchen told the original reporter that he had no operational role in Digital Wave Finance or Darley after leaving their boards in 2022, had never held an operational role in DWF Labs and retained no interest in DWF Labs after his 2022 departure.", "outcome": "", "source_ids": [ "s-d114", "s-d14", "s-d313", "s-d6" ], "entity_ids": [ "e1", "e23" ] }, { "id": "c-role-55", "kind": "attributed", "text": "Marco Schweizer — DWF Labs (group brand; contracting entity varies). Capacity: Reported 27% shareholding in the historical press snapshot. Period: Historical press snapshot of DWF Labs; exact legal vehicle and present stake not established.", "qualification": "The DWF Labs endpoint denotes the group brand; the cited account does not always identify its exact contracting legal entity. This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d16", "s-d163", "s-d18", "s-d291", "s-d43", "s-d44", "s-d6", "s-d70", "s-d94" ], "entity_ids": [ "e4", "e3002" ] }, { "id": "c-role-56", "kind": "attributed", "text": "Remo Schweizer — DWF Labs (group brand; contracting entity varies). Capacity: Reported 27% shareholding in the historical press snapshot. Period: Historical press snapshot of DWF Labs; exact legal vehicle and present stake not established.", "qualification": "The DWF Labs endpoint denotes the group brand; the cited account does not always identify its exact contracting legal entity. This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d16", "s-d163", "s-d18", "s-d291", "s-d43", "s-d44", "s-d6", "s-d70", "s-d94" ], "entity_ids": [ "e5", "e3002" ] }, { "id": "c-role-57", "kind": "attributed", "text": "Andrei Grachev — DWF Labs (group brand; contracting entity varies). Capacity: Reported 27% shareholding in the historical press snapshot. Period: Historical press snapshot of DWF Labs; exact legal vehicle and present stake not established.", "qualification": "The DWF Labs endpoint denotes the group brand; the cited account does not always identify its exact contracting legal entity. This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d16", "s-d163", "s-d18", "s-d291", "s-d43", "s-d44", "s-d6", "s-d70", "s-d94" ], "entity_ids": [ "e14", "e3002" ] }, { "id": "c-role-59", "kind": "attributed", "text": "Andrei Grachev — Crypsis Blockchain Holding (brand; legal vehicle unresolved). Capacity: Reported founder and managing partner of the Crypsis brand. Period: Reported Crypsis brand capacities in 2017–2018; exact legal vehicle and later status unresolved.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. A public career or matching initials does not establish identity with every same-name Russian director or litigant. Crypsis is a reported brand here; the exact legal vehicle is not conclusively identified. Old private tax, passport and residential identifiers are withheld. A retained redacted criminal record and transport-sector name matches are unresolved leads and are not assigned as convictions or transport-company ownership to the DWF partner.", "response": "", "outcome": "", "source_ids": [ "s-d16", "s-d205", "s-d269", "s-d283", "s-d309", "s-d45", "s-d6", "s-d66" ], "entity_ids": [ "e14", "e29" ] }, { "id": "c-role-60", "kind": "attributed", "text": "Olga Dementieva — Crypsis Blockchain Holding (brand; legal vehicle unresolved). Capacity: Reported majority shareholder of the Crypsis brand; legal vehicle unresolved. Period: Reported Crypsis brand capacities in 2017–2018; exact legal vehicle and later status unresolved.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. A public career or matching initials does not establish identity with every same-name Russian director or litigant. Crypsis is a reported brand here; the exact legal vehicle is not conclusively identified. Old private tax, passport and residential identifiers are withheld. A retained redacted criminal record and transport-sector name matches are unresolved leads and are not assigned as convictions or transport-company ownership to the DWF partner.", "response": "", "outcome": "", "source_ids": [ "s-d16", "s-d205", "s-d269", "s-d283", "s-d309", "s-d45", "s-d6", "s-d66" ], "entity_ids": [ "e29", "e30" ] }, { "id": "c-role-61", "kind": "attributed", "text": "Andrei Grachev — Huobi Russia (historical exchange brand). Capacity: Former chief executive of Huobi Russia. Period: Huobi Russia leadership in 2018–2019; September versus November 2018 start differs by source.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. A public career or matching initials does not establish identity with every same-name Russian director or litigant. Crypsis is a reported brand here; the exact legal vehicle is not conclusively identified. Old private tax, passport and residential identifiers are withheld. A retained redacted criminal record and transport-sector name matches are unresolved leads and are not assigned as convictions or transport-company ownership to the DWF partner.", "response": "", "outcome": "", "source_ids": [ "s-d16", "s-d205", "s-d246", "s-d269", "s-d283", "s-d309", "s-d45", "s-d6", "s-d66" ], "entity_ids": [ "e14", "e31" ] }, { "id": "c-role-62", "kind": "attributed", "text": "Andrei Grachev — Vladimir Demin. Capacity: Reported collaborator in VRM Trade. Period: Historical VRM collaboration described in retained reporting; later mandate not established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d16", "s-d163", "s-d18", "s-d291", "s-d43", "s-d44", "s-d6", "s-d70", "s-d94" ], "entity_ids": [ "e14", "e32" ] }, { "id": "c-role-63", "kind": "attributed", "text": "Andrei Grachev — Ilya Rynenkov. Capacity: Reported collaborator in VRM Trade. Period: Historical VRM collaboration described in retained reporting; later mandate not established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d16", "s-d163", "s-d18", "s-d291", "s-d43", "s-d44", "s-d6", "s-d70", "s-d94" ], "entity_ids": [ "e14", "e33" ] }, { "id": "c-role-64", "kind": "attributed", "text": "DWF Labs (group brand; contracting entity varies) — World Liberty Financial. Capacity: Purchaser of WLFI governance tokens; not corporate equity. Period: Token purchase reported April 2025; senator’s inquiry letter dated 6 May 2025.", "qualification": "The DWF Labs endpoint denotes the group brand; the cited account does not always identify its exact contracting legal entity. This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. The letter is an official request expressing concerns, not a sanctions designation, criminal charge or judgment against DWF. Its cited allegations still depend on their underlying evidence and denials. Buying governance tokens is not proof of corporate equity or control of WLFI. Timing near policy changes does not by itself establish a quid pro quo.", "response": "DWF’s substantive denial of the underlying manipulation allegations is retained in the market-conduct section. The retained letter does not include a DWF response to the senator or establish the final result of his inquiry.", "outcome": "", "source_ids": [ "s-d16", "s-d283", "s-d65" ], "entity_ids": [ "e34", "e3002" ] }, { "id": "c-role-65", "kind": "attributed", "text": "DWF Labs (group brand; contracting entity varies) — Binance (exchange brand; contracting entity unestablished). Capacity: Trading customer of the Binance exchange brand. Period: Historical trading-customer relationship in retained reporting; exact contracting entity, start date and subsequent status not established.", "qualification": "The Binance endpoint is the exchange brand, not a determination of the specific trading-account counterparty. The DWF Labs endpoint denotes the group brand; the cited account does not always identify its exact contracting legal entity. This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. These are reported internal findings disputed by the companies, not a public court judgment against DWF. YGG trading narratives and secondary retellings share the same originating investigation and are not separate independent proofs. Photographs of wealth are not evidence of market manipulation.", "response": "Binance said the evidence was insufficient or not fully substantiated, rejected the suggestion that it permitted market abuse and described its surveillance and offboarding program. DWF called the allegations unfounded and distortive of its business practices. Heng Yu Lee characterized the attacks as driven by competitors. These denials remain beside the allegation rather than in a remote appendix.", "outcome": "", "source_ids": [ "s-d16", "s-d215", "s-d246", "s-d252", "s-d69" ], "entity_ids": [ "e3002", "e3003" ] }, { "id": "c-role-69", "kind": "attributed", "text": "Michael Rendchen — Bytom Capital Holding AG. Capacity: Sole board member with individual signature. Period: Board at company registration 7 January 2025; public notice 10 January.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. A holding-company name, similar purpose, shared office or a director’s surname does not prove that these companies own DWF or are DWF subsidiaries. CTRL Shift’s formation disclosure does not show a contribution of DWF shares. Board succession at Nial does not prove a share acquisition or a family relationship. Dates of register entry and public notice remain distinct.", "response": "", "outcome": "", "source_ids": [ "s-d22", "s-d23", "s-d25", "s-d308", "s-d53", "s-d54", "s-d80" ], "entity_ids": [ "e3", "e37" ] }, { "id": "c-role-70", "kind": "attributed", "text": "Remo Schweizer — Legacy Shift AG. Capacity: Sole board member with individual signature. Period: Founding board in February 2025 publication; later status not established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. A holding-company name, similar purpose, shared office or a director’s surname does not prove that these companies own DWF or are DWF subsidiaries. CTRL Shift’s formation disclosure does not show a contribution of DWF shares. Board succession at Nial does not prove a share acquisition or a family relationship. Dates of register entry and public notice remain distinct.", "response": "", "outcome": "", "source_ids": [ "s-d22", "s-d23", "s-d25", "s-d308", "s-d53", "s-d54", "s-d80" ], "entity_ids": [ "e5", "e38" ] }, { "id": "c-role-71", "kind": "attributed", "text": "Remo Schweizer — BITWave AG. Capacity: Former sole board member with individual signature. Period: Historical BITWave mandate, removal published 4 March 2024.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. A holding-company name, similar purpose, shared office or a director’s surname does not prove that these companies own DWF or are DWF subsidiaries. CTRL Shift’s formation disclosure does not show a contribution of DWF shares. Board succession at Nial does not prove a share acquisition or a family relationship. Dates of register entry and public notice remain distinct.", "response": "", "outcome": "", "source_ids": [ "s-d22", "s-d23", "s-d25", "s-d308", "s-d53", "s-d54", "s-d80" ], "entity_ids": [ "e5", "e39" ] }, { "id": "c-role-72", "kind": "attributed", "text": "Marco Schweizer — CTRL Shift AG. Capacity: Sole board member with individual signature. Period: Registered 29 December 2025; publication 5 January 2026.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. A holding-company name, similar purpose, shared office or a director’s surname does not prove that these companies own DWF or are DWF subsidiaries. CTRL Shift’s formation disclosure does not show a contribution of DWF shares. Board succession at Nial does not prove a share acquisition or a family relationship. Dates of register entry and public notice remain distinct.", "response": "", "outcome": "", "source_ids": [ "s-d22", "s-d23", "s-d25", "s-d308", "s-d53", "s-d54", "s-d80" ], "entity_ids": [ "e4", "e40" ] }, { "id": "c-role-75", "kind": "attributed", "text": "Marc Philipp Prinz — VISCHER AG. Capacity: Partner and employment-law practitioner. Period: Retained firm biography; no specific DWF legal-engagement scope established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. A lawyer’s profession does not establish the precise purpose of his DWF board appointment. An audit appointment is not a finding that every transaction was proper or that fraud was excluded. Other audit clients and the auditor’s own officers are professional connections, not DWF owners or participants in every allegation.", "response": "", "outcome": "", "source_ids": [ "s-d104", "s-d193", "s-d27", "s-d79", "s-d87" ], "entity_ids": [ "e7", "e41" ] }, { "id": "c-role-76", "kind": "attributed", "text": "Marc Philipp Prinz — DPD (Schweiz) AG. Capacity: Former board member. Period: Former board role, removal recorded May 2023.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. A lawyer’s profession does not establish the precise purpose of his DWF board appointment. An audit appointment is not a finding that every transaction was proper or that fraud was excluded. Other audit clients and the auditor’s own officers are professional connections, not DWF owners or participants in every allegation.", "response": "", "outcome": "", "source_ids": [ "s-d104", "s-d193", "s-d27", "s-d79", "s-d87" ], "entity_ids": [ "e7", "e42" ] }, { "id": "c-role-80", "kind": "attributed", "text": "Andrei Grachev — Black Ocean (historical project). Capacity: Reported co-founder of the Black Ocean project. Period: Historical VRM/Black Ocean venture, described in 2020–2023 records.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. The insider’s account is attributed reporting, not a court finding, and a token project’s funding is not audited revenue of the Swiss AG. The record describes subsequent acquisition of the FLY project by VRM Korea and continued development at the time of the 2023 report. It does not prove the status of every later product. An empty directory accounts table does not establish zero activity or an illicit company.", "response": "The company’s contemporary promotion described its launchpad as offering refunds when token performance failed specified conditions. That marketing claim is not adopted as a guarantee of risk-free investment. The original reporter sought comments from the named participants; the retained article does not supply an individual answer to every Black Ocean allegation.", "outcome": "", "source_ids": [ "s-d175", "s-d176", "s-d179", "s-d254", "s-d45", "s-d6" ], "entity_ids": [ "e14", "e44" ] }, { "id": "c-role-81", "kind": "attributed", "text": "Andrei Grachev — Jiamix (historical exchange). Capacity: Chief executive of the historical Jiamix exchange. Period: Jiamix launched September 2019; reported closed two years later.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. A public career or matching initials does not establish identity with every same-name Russian director or litigant. Crypsis is a reported brand here; the exact legal vehicle is not conclusively identified. Old private tax, passport and residential identifiers are withheld. A retained redacted criminal record and transport-sector name matches are unresolved leads and are not assigned as convictions or transport-company ownership to the DWF partner.", "response": "", "outcome": "", "source_ids": [ "s-d16", "s-d205", "s-d269", "s-d283", "s-d309", "s-d45", "s-d6", "s-d66" ], "entity_ids": [ "e14", "e45" ] }, { "id": "c-role-82", "kind": "attributed", "text": "Andrei Grachev — VRM Trade (historical brand). Capacity: Reported co-founder of the VRM brand. Period: Historical VRM/Black Ocean venture, described in 2020–2023 records.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. The insider’s account is attributed reporting, not a court finding, and a token project’s funding is not audited revenue of the Swiss AG. The record describes subsequent acquisition of the FLY project by VRM Korea and continued development at the time of the 2023 report. It does not prove the status of every later product. An empty directory accounts table does not establish zero activity or an illicit company.", "response": "The company’s contemporary promotion described its launchpad as offering refunds when token performance failed specified conditions. That marketing claim is not adopted as a guarantee of risk-free investment. The original reporter sought comments from the named participants; the retained article does not supply an individual answer to every Black Ocean allegation.", "outcome": "", "source_ids": [ "s-d175", "s-d176", "s-d179", "s-d254", "s-d45", "s-d6" ], "entity_ids": [ "e14", "e46" ] }, { "id": "c-role-83", "kind": "attributed", "text": "Louis Raymond Bisang — Qore Invest AG. Capacity: Sole board member with individual signature. Period: Board from registration 3 September 2021; retained record.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. These capacities are not proof that Swiss DWF owns the bank, foundation, property companies or their customers. Representing a shareholder group does not identify Bisang’s own equity percentage. The record does not infer a family relationship from names. A historical database label about termination of a registration at the old seat must not be turned into liquidation of the continuing Centara company.", "response": "", "outcome": "", "source_ids": [ "s-d113", "s-d144", "s-d145", "s-d147", "s-d51", "s-d81" ], "entity_ids": [ "e2", "e48" ] }, { "id": "c-role-84", "kind": "attributed", "text": "Louis Raymond Bisang — Kultstatus GmbH. Capacity: Managing participant with individual signature. Period: Formation allocation and mandate recorded September 2009; no later disposal established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. These capacities are not proof that Swiss DWF owns the bank, foundation, property companies or their customers. Representing a shareholder group does not identify Bisang’s own equity percentage. The record does not infer a family relationship from names. A historical database label about termination of a registration at the old seat must not be turned into liquidation of the continuing Centara company. One-sixth is not a precise 17% interest. A continuing participant is not necessarily a continuing manager. Later business-site overlap and Marco Ammann’s other appointments do not convert these establishments into DWF subsidiaries. Fusion Kitchen’s later deletion and each person’s earlier departure are separate events; the former DWF director’s unrelated companies are not current subject assets.", "response": "", "outcome": "", "source_ids": [ "s-d113", "s-d117", "s-d118", "s-d144", "s-d145", "s-d146", "s-d147", "s-d148", "s-d194", "s-d195", "s-d197", "s-d51", "s-d81", "s-d89" ], "entity_ids": [ "e2", "e49" ] }, { "id": "c-role-85", "kind": "attributed", "text": "Louis Raymond Bisang — WMZ Holding AG. Capacity: Board member. Period: Recorded board capacity since the 2020 formation history; retained roster.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. These capacities are not proof that Swiss DWF owns the bank, foundation, property companies or their customers. Representing a shareholder group does not identify Bisang’s own equity percentage. The record does not infer a family relationship from names. A historical database label about termination of a registration at the old seat must not be turned into liquidation of the continuing Centara company.", "response": "", "outcome": "", "source_ids": [ "s-d113", "s-d144", "s-d145", "s-d147", "s-d51", "s-d81" ], "entity_ids": [ "e2", "e50" ] }, { "id": "c-role-88", "kind": "attributed", "text": "Hans-Peter Schweizer — Nial AG. Capacity: Former board member. Period: 2016–2020 mandate before the October 2020 replacement.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. A holding-company name, similar purpose, shared office or a director’s surname does not prove that these companies own DWF or are DWF subsidiaries. CTRL Shift’s formation disclosure does not show a contribution of DWF shares. Board succession at Nial does not prove a share acquisition or a family relationship. Dates of register entry and public notice remain distinct.", "response": "", "outcome": "", "source_ids": [ "s-d22", "s-d23", "s-d25", "s-d308", "s-d53", "s-d54", "s-d80" ], "entity_ids": [ "e27", "e51" ] }, { "id": "c-role-90", "kind": "attributed", "text": "BITWave AG — Nial AG. Capacity: Recorded shared business site. Period: Source recorded 2017-09-19; precise underlying date and later status depend on the cited record.", "qualification": "A shared corporate address is not proof of common ownership or control. A holding-company name, similar purpose, shared office or a director’s surname does not prove that these companies own DWF or are DWF subsidiaries. CTRL Shift’s formation disclosure does not show a contribution of DWF shares. Board succession at Nial does not prove a share acquisition or a family relationship. Dates of register entry and public notice remain distinct.", "response": "", "outcome": "", "source_ids": [ "s-d22", "s-d23", "s-d25", "s-d308", "s-d53", "s-d54", "s-d80" ], "entity_ids": [ "e27", "e39" ] }, { "id": "c-role-92", "kind": "attributed", "text": "Digital Wave Finance AG — Huobi Russia (historical exchange brand). Capacity: Trading venue used in the historical account. Period: Historical trading-venue relationship described in the 2020–2023 account.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Reported profit, capital and trading-volume figures are not audited accounts. Grachev’s retrospective account places preferential Huobi access in April 2018, before the Swiss company’s December incorporation and before other sources place his Huobi Russia appointment. That chronology is unresolved. A brand’s retrospective 2018 trading history is not a 2018 incorporation date for the later Singapore company or Latvian vehicle. The unnamed Cayman trading company in his interview is not identified as a specific legal entity.", "response": "Grachev describes a self-funded trading business with no outside investors, a Swiss data centre and proprietary systems. His account is retained as his explanation rather than independently verified financial performance.", "outcome": "", "source_ids": [ "s-d254", "s-d309", "s-d6" ], "entity_ids": [ "e1", "e31" ] }, { "id": "c-role-93", "kind": "attributed", "text": "Digital Wave Finance AG — Jiamix (historical exchange). Capacity: Trading venue used in the historical account. Period: Historical trading-venue relationship described in the 2020–2023 account.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Reported profit, capital and trading-volume figures are not audited accounts. Grachev’s retrospective account places preferential Huobi access in April 2018, before the Swiss company’s December incorporation and before other sources place his Huobi Russia appointment. That chronology is unresolved. A brand’s retrospective 2018 trading history is not a 2018 incorporation date for the later Singapore company or Latvian vehicle. The unnamed Cayman trading company in his interview is not identified as a specific legal entity.", "response": "Grachev describes a self-funded trading business with no outside investors, a Swiss data centre and proprietary systems. His account is retained as his explanation rather than independently verified financial performance.", "outcome": "", "source_ids": [ "s-d254", "s-d309", "s-d6" ], "entity_ids": [ "e1", "e45" ] }, { "id": "c-role-94", "kind": "attributed", "text": "Digital Wave Finance AG — Binance (exchange brand; contracting entity unestablished). Capacity: Trading venue used in the historical account. Period: Historical trading-venue relationship described in the 2020–2023 account.", "qualification": "The Binance endpoint is the exchange brand, not a determination of the specific trading-account counterparty. This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Reported profit, capital and trading-volume figures are not audited accounts. Grachev’s retrospective account places preferential Huobi access in April 2018, before the Swiss company’s December incorporation and before other sources place his Huobi Russia appointment. That chronology is unresolved. A brand’s retrospective 2018 trading history is not a 2018 incorporation date for the later Singapore company or Latvian vehicle. The unnamed Cayman trading company in his interview is not identified as a specific legal entity.", "response": "Grachev describes a self-funded trading business with no outside investors, a Swiss data centre and proprietary systems. His account is retained as his explanation rather than independently verified financial performance.", "outcome": "", "source_ids": [ "s-d254", "s-d309", "s-d6" ], "entity_ids": [ "e1", "e3003" ] }, { "id": "c-role-95", "kind": "attributed", "text": "Digital Wave Finance AG — Bitfinex. Capacity: Trading venue used in the historical account. Period: Historical trading-venue relationship described in the 2020–2023 account.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Reported profit, capital and trading-volume figures are not audited accounts. Grachev’s retrospective account places preferential Huobi access in April 2018, before the Swiss company’s December incorporation and before other sources place his Huobi Russia appointment. That chronology is unresolved. A brand’s retrospective 2018 trading history is not a 2018 incorporation date for the later Singapore company or Latvian vehicle. The unnamed Cayman trading company in his interview is not identified as a specific legal entity.", "response": "Grachev describes a self-funded trading business with no outside investors, a Swiss data centre and proprietary systems. His account is retained as his explanation rather than independently verified financial performance.", "outcome": "", "source_ids": [ "s-d254", "s-d309", "s-d6" ], "entity_ids": [ "e1", "e52" ] }, { "id": "c-role-96", "kind": "attributed", "text": "Digital Wave Finance AG — OKEx. Capacity: Trading venue used in the historical account. Period: Historical trading-venue relationship described in the 2020–2023 account.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Reported profit, capital and trading-volume figures are not audited accounts. Grachev’s retrospective account places preferential Huobi access in April 2018, before the Swiss company’s December incorporation and before other sources place his Huobi Russia appointment. That chronology is unresolved. A brand’s retrospective 2018 trading history is not a 2018 incorporation date for the later Singapore company or Latvian vehicle. The unnamed Cayman trading company in his interview is not identified as a specific legal entity.", "response": "Grachev describes a self-funded trading business with no outside investors, a Swiss data centre and proprietary systems. His account is retained as his explanation rather than independently verified financial performance.", "outcome": "", "source_ids": [ "s-d254", "s-d309", "s-d6" ], "entity_ids": [ "e1", "e53" ] }, { "id": "c-role-99", "kind": "attributed", "text": "Andrei Grachev — Export.Online (historical project). Capacity: Chief executive of the historical Export.Online project. Period: Historical Export.Online role in 2018; ICO halted June 2018.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. The token-sale target was an ambition, not money proved raised. The two investment amounts concern separate arrangements and must not be combined into one proven debt. The article reported that some investors were considering law-enforcement complaints; it did not establish a resulting conviction or repayment outcome. Later copied accounts do not supply independent corroboration.", "response": "Grachev initially said he did not know of the OneCoin connection and had not discussed its listing. When confronted with the reported video discussion, he said Huobi had received neither applications nor listing documents. On the investment complaints, he attributed dissatisfaction to a falling market and said public accusations distorted the situation rather than resolving it.", "outcome": "", "source_ids": [ "s-d6", "s-d66" ], "entity_ids": [ "e14", "e54" ] }, { "id": "c-role-103", "kind": "attributed", "text": "Andrei Grachev — DWF Labs (group brand; contracting entity varies). Capacity: Managing partner of DWF Labs. Period: Managing-partner role in the dated DWF Labs reporting; exact legal-employer chain varies by source.", "qualification": "The DWF Labs endpoint denotes the group brand; the cited account does not always identify its exact contracting legal entity. This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. A public career or matching initials does not establish identity with every same-name Russian director or litigant. Crypsis is a reported brand here; the exact legal vehicle is not conclusively identified. Old private tax, passport and residential identifiers are withheld. A retained redacted criminal record and transport-sector name matches are unresolved leads and are not assigned as convictions or transport-company ownership to the DWF partner. Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain. Reported profit, capital and trading-volume figures are not audited accounts. Grachev’s retrospective account places preferential Huobi access in April 2018, before the Swiss company’s December incorporation and before other sources place his Huobi Russia appointment. That chronology is unresolved. A brand’s retrospective 2018 trading history is not a 2018 incorporation date for the later Singapore company or Latvian vehicle. The unnamed Cayman trading company in his interview is not identified as a specific legal entity.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account. Grachev describes a self-funded trading business with no outside investors, a Swiss data centre and proprietary systems. His account is retained as his explanation rather than independently verified financial performance.", "outcome": "", "source_ids": [ "s-d16", "s-d163", "s-d173", "s-d18", "s-d205", "s-d223", "s-d246", "s-d254", "s-d269", "s-d283", "s-d291", "s-d309", "s-d43", "s-d44", "s-d45", "s-d6", "s-d66", "s-d70", "s-d94" ], "entity_ids": [ "e14", "e3002" ] }, { "id": "c-role-104", "kind": "attributed", "text": "Heng Yu Lee — DWF Labs (group brand; contracting entity varies). Capacity: Partner of DWF Labs. Period: Partner in the November 2022 announcement; later September 2026 release retained.", "qualification": "The DWF Labs endpoint denotes the group brand; the cited account does not always identify its exact contracting legal entity. This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d16", "s-d163", "s-d18", "s-d291", "s-d43", "s-d44", "s-d6", "s-d70", "s-d94" ], "entity_ids": [ "e55", "e3002" ] }, { "id": "c-role-105", "kind": "attributed", "text": "Eugene Ng — DWF Labs (group brand; contracting entity varies). Capacity: Former partner; management and operational role ended in October 2024. Period: Partner before dismissal from management and operations on 29 October 2024.", "qualification": "The DWF Labs endpoint denotes the group brand; the cited account does not always identify its exact contracting legal entity. This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. The company actions are established through the contemporaneous statements and reporting; the underlying allegation is not presented as a conviction. Considering legal action is not the same as filing a lawsuit. The retained material does not establish a subsequent charge, trial result or final civil disposition. The complainant’s identity and unnecessary personal details are withheld.", "response": "DWF described the allegations as concerning and unacceptable and said it was investigating. Ng did not respond to the later reporter’s request; nonresponse is not an admission. Grachev did not provide further comment to that outlet.", "outcome": "", "source_ids": [ "s-d219", "s-d239", "s-d70" ], "entity_ids": [ "e56", "e3002" ] }, { "id": "c-role-108", "kind": "attributed", "text": "Louis Raymond Bisang — Centara Research AG. Capacity: Former board member and secretary. Period: Historical board mandate; departure in February 2024 name/seat change.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. These capacities are not proof that Swiss DWF owns the bank, foundation, property companies or their customers. Representing a shareholder group does not identify Bisang’s own equity percentage. The record does not infer a family relationship from names. A historical database label about termination of a registration at the old seat must not be turned into liquidation of the continuing Centara company.", "response": "", "outcome": "", "source_ids": [ "s-d113", "s-d144", "s-d145", "s-d147", "s-d51", "s-d81" ], "entity_ids": [ "e2", "e57" ] }, { "id": "c-role-109", "kind": "attributed", "text": "Louis Raymond Bisang — Club Bellevue AG. Capacity: Former board member. Period: Formation May 2012–November 2018 departure.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. One-sixth is not a precise 17% interest. A continuing participant is not necessarily a continuing manager. Later business-site overlap and Marco Ammann’s other appointments do not convert these establishments into DWF subsidiaries. Fusion Kitchen’s later deletion and each person’s earlier departure are separate events; the former DWF director’s unrelated companies are not current subject assets.", "response": "", "outcome": "", "source_ids": [ "s-d117", "s-d118", "s-d146", "s-d148", "s-d194", "s-d195", "s-d197", "s-d51", "s-d89" ], "entity_ids": [ "e2", "e58" ] }, { "id": "c-role-110", "kind": "attributed", "text": "Louis Raymond Bisang — Fusion Kitchen AG. Capacity: Former chair. Period: 11 April 2017 registration–31 July 2019 departure; company later deleted in 2022.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. One-sixth is not a precise 17% interest. A continuing participant is not necessarily a continuing manager. Later business-site overlap and Marco Ammann’s other appointments do not convert these establishments into DWF subsidiaries. Fusion Kitchen’s later deletion and each person’s earlier departure are separate events; the former DWF director’s unrelated companies are not current subject assets.", "response": "", "outcome": "", "source_ids": [ "s-d117", "s-d118", "s-d146", "s-d148", "s-d194", "s-d195", "s-d197", "s-d51", "s-d89" ], "entity_ids": [ "e2", "e59" ] }, { "id": "c-role-111", "kind": "attributed", "text": "Louis Raymond Bisang — Zollywood AG. Capacity: Former board member. Period: Historical mandate from September 2015; ended 9 November 2021.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. One-sixth is not a precise 17% interest. A continuing participant is not necessarily a continuing manager. Later business-site overlap and Marco Ammann’s other appointments do not convert these establishments into DWF subsidiaries. Fusion Kitchen’s later deletion and each person’s earlier departure are separate events; the former DWF director’s unrelated companies are not current subject assets.", "response": "", "outcome": "", "source_ids": [ "s-d117", "s-d118", "s-d146", "s-d148", "s-d194", "s-d195", "s-d197", "s-d51", "s-d89" ], "entity_ids": [ "e2", "e60" ] }, { "id": "c-role-115", "kind": "attributed", "text": "Christian Oliver Spring — Qore Invest AG. Capacity: Managing director with individual signature. Period: Recorded from 2021-09-03; later status not established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. These capacities are not proof that Swiss DWF owns the bank, foundation, property companies or their customers. Representing a shareholder group does not identify Bisang’s own equity percentage. The record does not infer a family relationship from names. A historical database label about termination of a registration at the old seat must not be turned into liquidation of the continuing Centara company.", "response": "", "outcome": "", "source_ids": [ "s-d113", "s-d144", "s-d145", "s-d147", "s-d51", "s-d81" ], "entity_ids": [ "e48", "e61" ] }, { "id": "c-role-116", "kind": "attributed", "text": "Louis Raymond Bisang — Kultstatus GmbH. Capacity: Holder of 10 of 20 units (50%). Period: Formation allocation and mandate recorded September 2009; no later disposal established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. One-sixth is not a precise 17% interest. A continuing participant is not necessarily a continuing manager. Later business-site overlap and Marco Ammann’s other appointments do not convert these establishments into DWF subsidiaries. Fusion Kitchen’s later deletion and each person’s earlier departure are separate events; the former DWF director’s unrelated companies are not current subject assets.", "response": "", "outcome": "", "source_ids": [ "s-d117", "s-d118", "s-d146", "s-d148", "s-d194", "s-d195", "s-d197", "s-d51", "s-d89" ], "entity_ids": [ "e2", "e49" ] }, { "id": "c-role-119", "kind": "attributed", "text": "VRM Trade (historical brand) — Digital Wave Finance AG. Capacity: Reported historical brand connection. Period: Historical VRM/Black Ocean venture, described in 2020–2023 records.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. The insider’s account is attributed reporting, not a court finding, and a token project’s funding is not audited revenue of the Swiss AG. The record describes subsequent acquisition of the FLY project by VRM Korea and continued development at the time of the 2023 report. It does not prove the status of every later product. An empty directory accounts table does not establish zero activity or an illicit company.", "response": "The company’s contemporary promotion described its launchpad as offering refunds when token performance failed specified conditions. That marketing claim is not adopted as a guarantee of risk-free investment. The original reporter sought comments from the named participants; the retained article does not supply an individual answer to every Black Ocean allegation.", "outcome": "", "source_ids": [ "s-d175", "s-d176", "s-d179", "s-d254", "s-d45", "s-d6" ], "entity_ids": [ "e1", "e46" ] }, { "id": "c-role-121", "kind": "attributed", "text": "Louis Raymond Bisang — Turicum Private Bank Limited (Gibraltar). Capacity: Executive director and representative of a shareholder group. Period: Retained bank governance roster; no personal equity percentage established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. These capacities are not proof that Swiss DWF owns the bank, foundation, property companies or their customers. Representing a shareholder group does not identify Bisang’s own equity percentage. The record does not infer a family relationship from names. A historical database label about termination of a registration at the old seat must not be turned into liquidation of the continuing Centara company.", "response": "", "outcome": "", "source_ids": [ "s-d113", "s-d144", "s-d145", "s-d147", "s-d51", "s-d81" ], "entity_ids": [ "e2", "e62" ] }, { "id": "c-role-125", "kind": "attributed", "text": "Louis Raymond Bisang — Dros GmbH. Capacity: Holder of 30 of 300 units (10%); former manager. Period: 2021 record retains 10% participation and ends management; later disposal not established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. One-sixth is not a precise 17% interest. A continuing participant is not necessarily a continuing manager. Later business-site overlap and Marco Ammann’s other appointments do not convert these establishments into DWF subsidiaries. Fusion Kitchen’s later deletion and each person’s earlier departure are separate events; the former DWF director’s unrelated companies are not current subject assets.", "response": "", "outcome": "", "source_ids": [ "s-d117", "s-d118", "s-d146", "s-d148", "s-d194", "s-d195", "s-d197", "s-d51", "s-d89" ], "entity_ids": [ "e2", "e63" ] }, { "id": "c-role-126", "kind": "attributed", "text": "Louis Raymond Bisang — Sanapa GmbH. Capacity: Holder of 5 of 30 units (one-sixth). Period: Formation allocation 13 July 2022: 5 of 30 units; later changes not established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. One-sixth is not a precise 17% interest. A continuing participant is not necessarily a continuing manager. Later business-site overlap and Marco Ammann’s other appointments do not convert these establishments into DWF subsidiaries. Fusion Kitchen’s later deletion and each person’s earlier departure are separate events; the former DWF director’s unrelated companies are not current subject assets.", "response": "", "outcome": "", "source_ids": [ "s-d117", "s-d118", "s-d146", "s-d148", "s-d194", "s-d195", "s-d197", "s-d51", "s-d89" ], "entity_ids": [ "e2", "e64" ] }, { "id": "c-role-128", "kind": "attributed", "text": "Louis Raymond Bisang — Sanapa GmbH. Capacity: Managing participant with joint signature. Period: Formation record 13 July 2022; joint-signature managing participation.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. One-sixth is not a precise 17% interest. A continuing participant is not necessarily a continuing manager. Later business-site overlap and Marco Ammann’s other appointments do not convert these establishments into DWF subsidiaries. Fusion Kitchen’s later deletion and each person’s earlier departure are separate events; the former DWF director’s unrelated companies are not current subject assets.", "response": "", "outcome": "", "source_ids": [ "s-d117", "s-d118", "s-d146", "s-d148", "s-d194", "s-d195", "s-d197", "s-d51", "s-d89" ], "entity_ids": [ "e2", "e64" ] }, { "id": "c-role-129", "kind": "attributed", "text": "DWF MaaS Limited — DWF Labs (group brand; contracting entity varies). Capacity: Registered entity using the DWF Labs trading name. Period: BVI FSC retained registration; group approval announcement 3 September 2026.", "qualification": "The DWF Labs endpoint denotes the group brand; the cited account does not always identify its exact contracting legal entity. This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. The BVI registration belongs to the specifically named entity, not automatically to Swiss Digital Wave Finance or the Singapore company. The DMCC initiative is an announced program, not proof that all promised investments occurred or that every group activity is licensed. Claims about serving more than eighty exchanges or incubating Falcon Finance are company descriptions rather than audited market-share evidence.", "response": "", "outcome": "", "source_ids": [ "s-d121", "s-d163", "s-d173" ], "entity_ids": [ "e65", "e3002" ] }, { "id": "c-role-131", "kind": "attributed", "text": "Raymond Bisang — Turicum Private Bank Limited (Gibraltar). Capacity: Honorary chairman for life. Period: Source recorded 2026-10-07; precise underlying date and later status depend on the cited record.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. These capacities are not proof that Swiss DWF owns the bank, foundation, property companies or their customers. Representing a shareholder group does not identify Bisang’s own equity percentage. The record does not infer a family relationship from names. A historical database label about termination of a registration at the old seat must not be turned into liquidation of the continuing Centara company.", "response": "", "outcome": "", "source_ids": [ "s-d113", "s-d144", "s-d145", "s-d147", "s-d51", "s-d81" ], "entity_ids": [ "e62", "e66" ] }, { "id": "c-role-135", "kind": "attributed", "text": "Raymond Bisang — Centara Research AG. Capacity: Former chair. Period: Historical board mandate; departure in February 2024 name/seat change.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. These capacities are not proof that Swiss DWF owns the bank, foundation, property companies or their customers. Representing a shareholder group does not identify Bisang’s own equity percentage. The record does not infer a family relationship from names. A historical database label about termination of a registration at the old seat must not be turned into liquidation of the continuing Centara company.", "response": "", "outcome": "", "source_ids": [ "s-d113", "s-d144", "s-d145", "s-d147", "s-d51", "s-d81" ], "entity_ids": [ "e57", "e66" ] }, { "id": "c-role-136", "kind": "attributed", "text": "Centara Research AG — WMZ Holding AG. Capacity: Recorded shared business site. Period: Source recorded 2024-02-23; precise underlying date and later status depend on the cited record.", "qualification": "A shared corporate address is not proof of common ownership or control. These capacities are not proof that Swiss DWF owns the bank, foundation, property companies or their customers. Representing a shareholder group does not identify Bisang’s own equity percentage. The record does not infer a family relationship from names. A historical database label about termination of a registration at the old seat must not be turned into liquidation of the continuing Centara company.", "response": "", "outcome": "", "source_ids": [ "s-d113", "s-d144", "s-d145", "s-d147", "s-d51", "s-d81" ], "entity_ids": [ "e50", "e57" ] }, { "id": "c-role-138", "kind": "attributed", "text": "DWF Labs (group brand; contracting entity varies) — Amethyst Amelia Kelly (Iggy Azalea). Capacity: Reported market maker and recipient of token inventory under the MOTHER arrangement. Period: Partnership announced July 2024, described in May 2026 complaint; no merits result established.", "qualification": "The DWF Labs endpoint denotes the group brand; the cited account does not always identify its exact contracting legal entity. This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. The plaintiff’s account is an allegation, not an adjudicated finding that DWF manipulated MOTHER or caused the token’s decline. Unidentified Doe defendants cannot simply be replaced with DWF. The complaint itself says holders had no equity in the promoter’s businesses. A limited docket-name search cannot establish that a person or company has no other litigation.", "response": "The retained filing does not contain a substantive DWF answer. No final merits outcome for this complaint is established in the material reviewed here.", "outcome": "", "source_ids": [ "s-d160", "s-d161" ], "entity_ids": [ "e68", "e3002" ] }, { "id": "c-role-141", "kind": "attributed", "text": "Unnamed DWF-affiliated investor in Interactive Strength notes — Interactive Strength Inc.. Capacity: DWF-affiliated investor in the jointly funded convertible-note transaction. Period: Transaction 10 June 2025; combined initial principal US$55,555,555 across two affiliated investors.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. The filing does not allocate the entire initial funding to DWF or name the exact DWF-affiliated lender in this passage. Potential additional issuance is not cash already advanced. The accepted graph therefore uses a separately identified unnamed DWF-affiliated investor, rather than assigning a US$500 million loan to the Swiss AG or Singapore company. The embedded balance is explicitly dated August 2025 even though the prospectus was filed later.", "response": "", "outcome": "", "source_ids": [ "s-d165" ], "entity_ids": [ "e69", "e3001" ] }, { "id": "c-role-143", "kind": "attributed", "text": "DWF Labs (group brand; contracting entity varies) — DMCC. Capacity: Partner in the announced Crypto Centre growth platform. Period: Partnership announced 24 February 2023, official report March 2023.", "qualification": "The DWF Labs endpoint denotes the group brand; the cited account does not always identify its exact contracting legal entity. This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. The BVI registration belongs to the specifically named entity, not automatically to Swiss Digital Wave Finance or the Singapore company. The DMCC initiative is an announced program, not proof that all promised investments occurred or that every group activity is licensed. Claims about serving more than eighty exchanges or incubating Falcon Finance are company descriptions rather than audited market-share evidence.", "response": "", "outcome": "", "source_ids": [ "s-d121", "s-d163", "s-d173" ], "entity_ids": [ "e70", "e3002" ] }, { "id": "c-role-144", "kind": "attributed", "text": "Andrei Grachev — Vroom SIA (Latvia). Capacity: Former board member with individual representation. Period: Board departure entered 13 March 2023, published 16 March; vehicle liquidated June 2023.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. The insider’s account is attributed reporting, not a court finding, and a token project’s funding is not audited revenue of the Swiss AG. The record describes subsequent acquisition of the FLY project by VRM Korea and continued development at the time of the 2023 report. It does not prove the status of every later product. An empty directory accounts table does not establish zero activity or an illicit company.", "response": "The company’s contemporary promotion described its launchpad as offering refunds when token performance failed specified conditions. That marketing claim is not adopted as a guarantee of risk-free investment. The original reporter sought comments from the named participants; the retained article does not supply an individual answer to every Black Ocean allegation.", "outcome": "", "source_ids": [ "s-d175", "s-d176", "s-d179", "s-d254", "s-d45", "s-d6" ], "entity_ids": [ "e14", "e18" ] }, { "id": "c-role-147", "kind": "attributed", "text": "K-Vis AG — Strasser & Vögtli Treuhand AG. Capacity: Statutory auditor. Period: Recorded from 2012-04-23; later status not established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. A lawyer’s profession does not establish the precise purpose of his DWF board appointment. An audit appointment is not a finding that every transaction was proper or that fraud was excluded. Other audit clients and the auditor’s own officers are professional connections, not DWF owners or participants in every allegation.", "response": "", "outcome": "", "source_ids": [ "s-d104", "s-d193", "s-d27", "s-d79", "s-d87" ], "entity_ids": [ "e8", "e72" ] }, { "id": "c-role-148", "kind": "attributed", "text": "Marco Andreas Ammann — Zollywood AG. Capacity: Former board chair. Period: Chair from the September 2015 formation record; changed to sole board member in the notice published 9 November 2021.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. One-sixth is not a precise 17% interest. A continuing participant is not necessarily a continuing manager. Later business-site overlap and Marco Ammann’s other appointments do not convert these establishments into DWF subsidiaries. Fusion Kitchen’s later deletion and each person’s earlier departure are separate events; the former DWF director’s unrelated companies are not current subject assets.", "response": "", "outcome": "", "source_ids": [ "s-d117", "s-d118", "s-d146", "s-d148", "s-d194", "s-d195", "s-d197", "s-d51", "s-d89" ], "entity_ids": [ "e60", "e73" ] }, { "id": "c-role-150", "kind": "attributed", "text": "Ivo Martin Sacchi — Zollywood AG. Capacity: Board member. Period: Historical mandate from September 2015; ended 9 November 2021.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. One-sixth is not a precise 17% interest. A continuing participant is not necessarily a continuing manager. Later business-site overlap and Marco Ammann’s other appointments do not convert these establishments into DWF subsidiaries. Fusion Kitchen’s later deletion and each person’s earlier departure are separate events; the former DWF director’s unrelated companies are not current subject assets.", "response": "", "outcome": "", "source_ids": [ "s-d117", "s-d118", "s-d146", "s-d148", "s-d194", "s-d195", "s-d197", "s-d51", "s-d89" ], "entity_ids": [ "e60", "e74" ] }, { "id": "c-role-151", "kind": "attributed", "text": "Zollywood AG — Sanapa GmbH. Capacity: Recorded shared business site. Period: Shared business site in retained corporate records; no ownership inference.", "qualification": "A shared corporate address is not proof of common ownership or control. One-sixth is not a precise 17% interest. A continuing participant is not necessarily a continuing manager. Later business-site overlap and Marco Ammann’s other appointments do not convert these establishments into DWF subsidiaries. Fusion Kitchen’s later deletion and each person’s earlier departure are separate events; the former DWF director’s unrelated companies are not current subject assets.", "response": "", "outcome": "", "source_ids": [ "s-d117", "s-d118", "s-d146", "s-d148", "s-d194", "s-d195", "s-d197", "s-d51", "s-d89" ], "entity_ids": [ "e60", "e64" ] }, { "id": "c-role-152", "kind": "attributed", "text": "Marco Andreas Ammann — Zollywood AG. Capacity: Sole board member. Period: Source recorded 2026-10-07; precise underlying date and later status depend on the cited record.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. One-sixth is not a precise 17% interest. A continuing participant is not necessarily a continuing manager. Later business-site overlap and Marco Ammann’s other appointments do not convert these establishments into DWF subsidiaries. Fusion Kitchen’s later deletion and each person’s earlier departure are separate events; the former DWF director’s unrelated companies are not current subject assets.", "response": "", "outcome": "", "source_ids": [ "s-d117", "s-d118", "s-d146", "s-d148", "s-d194", "s-d195", "s-d197", "s-d51", "s-d89" ], "entity_ids": [ "e60", "e73" ] }, { "id": "c-role-153", "kind": "attributed", "text": "Alexandra Christine Darioli — Strasser & Vögtli Treuhand AG. Capacity: Board member and management officer. Period: Source recorded 2026-03-26; precise underlying date and later status depend on the cited record.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. A lawyer’s profession does not establish the precise purpose of his DWF board appointment. An audit appointment is not a finding that every transaction was proper or that fraud was excluded. Other audit clients and the auditor’s own officers are professional connections, not DWF owners or participants in every allegation.", "response": "", "outcome": "", "source_ids": [ "s-d104", "s-d193", "s-d27", "s-d79", "s-d87" ], "entity_ids": [ "e8", "e75" ] }, { "id": "c-role-154", "kind": "attributed", "text": "Ronny Marc Vögtli — Strasser & Vögtli Treuhand AG. Capacity: Board member and management officer. Period: Source recorded 2026-03-26; precise underlying date and later status depend on the cited record.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. A lawyer’s profession does not establish the precise purpose of his DWF board appointment. An audit appointment is not a finding that every transaction was proper or that fraud was excluded. Other audit clients and the auditor’s own officers are professional connections, not DWF owners or participants in every allegation.", "response": "", "outcome": "", "source_ids": [ "s-d104", "s-d193", "s-d27", "s-d79", "s-d87" ], "entity_ids": [ "e8", "e76" ] }, { "id": "c-role-155", "kind": "attributed", "text": "Beat Strasser — Strasser & Vögtli Treuhand AG. Capacity: Board member and management officer. Period: Source recorded 2026-03-26; precise underlying date and later status depend on the cited record.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. A lawyer’s profession does not establish the precise purpose of his DWF board appointment. An audit appointment is not a finding that every transaction was proper or that fraud was excluded. Other audit clients and the auditor’s own officers are professional connections, not DWF owners or participants in every allegation.", "response": "", "outcome": "", "source_ids": [ "s-d104", "s-d193", "s-d27", "s-d79", "s-d87" ], "entity_ids": [ "e8", "e77" ] }, { "id": "c-role-156", "kind": "attributed", "text": "Marco Steinhauer — Strasser & Vögtli Treuhand AG. Capacity: Joint-signature officer. Period: Signing authority entered March 2026; retained register.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. A lawyer’s profession does not establish the precise purpose of his DWF board appointment. An audit appointment is not a finding that every transaction was proper or that fraud was excluded. Other audit clients and the auditor’s own officers are professional connections, not DWF owners or participants in every allegation.", "response": "", "outcome": "", "source_ids": [ "s-d104", "s-d193", "s-d27", "s-d79", "s-d87" ], "entity_ids": [ "e8", "e78" ] }, { "id": "c-role-159", "kind": "attributed", "text": "Marco Andreas Ammann — Sanapa GmbH. Capacity: Managing participant with joint signature. Period: Formation record 13 July 2022; joint-signature managing participation.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. One-sixth is not a precise 17% interest. A continuing participant is not necessarily a continuing manager. Later business-site overlap and Marco Ammann’s other appointments do not convert these establishments into DWF subsidiaries. Fusion Kitchen’s later deletion and each person’s earlier departure are separate events; the former DWF director’s unrelated companies are not current subject assets.", "response": "", "outcome": "", "source_ids": [ "s-d117", "s-d118", "s-d146", "s-d148", "s-d194", "s-d195", "s-d197", "s-d51", "s-d89" ], "entity_ids": [ "e64", "e73" ] }, { "id": "c-role-164", "kind": "attributed", "text": "Andrei Grachev — Ulmart. Capacity: Former regional and quality-management employee. Period: Biographical employment description 2015–2017.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. A public career or matching initials does not establish identity with every same-name Russian director or litigant. Crypsis is a reported brand here; the exact legal vehicle is not conclusively identified. Old private tax, passport and residential identifiers are withheld. A retained redacted criminal record and transport-sector name matches are unresolved leads and are not assigned as convictions or transport-company ownership to the DWF partner.", "response": "", "outcome": "", "source_ids": [ "s-d16", "s-d205", "s-d269", "s-d283", "s-d309", "s-d45", "s-d6", "s-d66" ], "entity_ids": [ "e14", "e81" ] }, { "id": "c-role-165", "kind": "attributed", "text": "Andrei Grachev — Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (RACIB). Capacity: Vice-president of RACIB. Period: RACIB capacity in 2018 public event and career accounts; current mandate not established.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. A public career or matching initials does not establish identity with every same-name Russian director or litigant. Crypsis is a reported brand here; the exact legal vehicle is not conclusively identified. Old private tax, passport and residential identifiers are withheld. A retained redacted criminal record and transport-sector name matches are unresolved leads and are not assigned as convictions or transport-company ownership to the DWF partner.", "response": "", "outcome": "", "source_ids": [ "s-d16", "s-d205", "s-d269", "s-d283", "s-d309", "s-d45", "s-d6", "s-d66" ], "entity_ids": [ "e14", "e82" ] }, { "id": "c-role-177", "kind": "attributed", "text": "Eugene Ng — OpenEden. Capacity: Co-founder; operational removal reported in October 2024. Period: Historical co-founder; October 2024 operational removal reported without a share-disposal determination.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. The company actions are established through the contemporaneous statements and reporting; the underlying allegation is not presented as a conviction. Considering legal action is not the same as filing a lawsuit. The retained material does not establish a subsequent charge, trial result or final civil disposition. The complainant’s identity and unnecessary personal details are withheld.", "response": "DWF described the allegations as concerning and unacceptable and said it was investigating. Ng did not respond to the later reporter’s request; nonresponse is not an admission. Grachev did not provide further comment to that outlet.", "outcome": "", "source_ids": [ "s-d219", "s-d239" ], "entity_ids": [ "e56", "e87" ] }, { "id": "c-role-184", "kind": "attributed", "text": "Digital Wave Finance AG — HTX. Capacity: Trading venue; reported best-partner award in September 2023. Period: Best-partner award reported September 2023; not regulatory approval.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d16", "s-d163", "s-d18", "s-d223", "s-d291", "s-d43", "s-d44", "s-d6", "s-d70", "s-d94" ], "entity_ids": [ "e1", "e90" ] }, { "id": "c-role-189", "kind": "attributed", "text": "DWF Labs (group brand; contracting entity varies) — Algorand Foundation. Capacity: Purchaser of ALGO tokens in the completed OTC transaction. Period: US$50 million OTC purchase completed July 2023.", "qualification": "The DWF Labs endpoint denotes the group brand; the cited account does not always identify its exact contracting legal entity. This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. The EOS purchase and commitment are separate components; a future commitment is not automatically money already invested. These counterparties’ favorable accounts qualify the broader criticism without independently certifying every other DWF trade. Their token sales do not imply that DWF acquired corporate equity in the foundations.", "response": "", "outcome": "", "source_ids": [ "s-d223" ], "entity_ids": [ "e92", "e3002" ] }, { "id": "c-role-190", "kind": "attributed", "text": "DWF Labs (group brand; contracting entity varies) — EOS Network Foundation. Capacity: EOS-token purchaser and separate ecosystem-investment commitment. Period: 2023 account: US$45 million token purchase and separate US$15 million ecosystem commitment.", "qualification": "The DWF Labs endpoint denotes the group brand; the cited account does not always identify its exact contracting legal entity. This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. The EOS purchase and commitment are separate components; a future commitment is not automatically money already invested. These counterparties’ favorable accounts qualify the broader criticism without independently certifying every other DWF trade. Their token sales do not imply that DWF acquired corporate equity in the foundations.", "response": "", "outcome": "", "source_ids": [ "s-d223" ], "entity_ids": [ "e93", "e3002" ] }, { "id": "c-role-191", "kind": "attributed", "text": "DWF Labs (group brand; contracting entity varies) — Floki. Capacity: Purchaser of Floki tokens. Period: US$5 million token-sale relationship in December 2023 reporting.", "qualification": "The DWF Labs endpoint denotes the group brand; the cited account does not always identify its exact contracting legal entity. This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. The EOS purchase and commitment are separate components; a future commitment is not automatically money already invested. These counterparties’ favorable accounts qualify the broader criticism without independently certifying every other DWF trade. Their token sales do not imply that DWF acquired corporate equity in the foundations.", "response": "", "outcome": "", "source_ids": [ "s-d223" ], "entity_ids": [ "e94", "e3002" ] }, { "id": "c-role-198", "kind": "attributed", "text": "Turcapital AG (formerly Digital Wave Assets AG) — JURISAUDIT AG. Capacity: Recorded shared business site. Period: Turcapital address entry September 2020; auditor address from separate retained record, contemporaneous occupation not certified.", "qualification": "A shared corporate address is not proof of common ownership or control. Shared early directors, brand descriptions and business addresses do not prove that Turcapital is owned by Digital Wave Finance. FINMA’s entry applies to Turcapital, not automatically to the Swiss subject, Darley or every DWF-branded entity. A partly recognized PDF search cannot certify that the subject has no authorization. A historic LEI address for Digital Wave Assets and a later directory address for DWF do not alone prove contemporaneous co-occupation in 2020.", "response": "Tobias Straube, speaking as COO of Digital Waves, expressly denied active business, collaboration or transactions between his company and DWF/DWF Labs, while acknowledging limited relationships involving individual shareholders. That denial qualifies the otherwise visible shared-person network.", "outcome": "", "source_ids": [ "s-d13", "s-d244", "s-d299", "s-d6" ], "entity_ids": [ "e9", "e24" ] }, { "id": "c-role-202", "kind": "attributed", "text": "Andrei Grachev — DWF Labs (group brand; contracting entity varies). Capacity: Reported co-founder of DWF Labs. Period: Source recorded 2023-10; precise underlying date and later status depend on the cited record.", "qualification": "The DWF Labs endpoint denotes the group brand; the cited account does not always identify its exact contracting legal entity. This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d16", "s-d163", "s-d18", "s-d246", "s-d291", "s-d43", "s-d44", "s-d6", "s-d70", "s-d94" ], "entity_ids": [ "e14", "e3002" ] }, { "id": "c-role-204", "kind": "attributed", "text": "Heng Yu Lee — DWF Labs (group brand; contracting entity varies). Capacity: Reported co-founder of DWF Labs. Period: Source recorded 2024-05-10; precise underlying date and later status depend on the cited record.", "qualification": "The DWF Labs endpoint denotes the group brand; the cited account does not always identify its exact contracting legal entity. This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d16", "s-d163", "s-d18", "s-d252", "s-d291", "s-d43", "s-d44", "s-d6", "s-d70", "s-d94" ], "entity_ids": [ "e55", "e3002" ] }, { "id": "c-role-205", "kind": "attributed", "text": "Andrei Grachev — Digital Wave Finance AG. Capacity: Exchange-relationship work described in Grachev’s retrospective account. Period: Grachev’s retrospective 2018–2019 exchange-access account; dates conflict with incorporation/appointment records.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Reported profit, capital and trading-volume figures are not audited accounts. Grachev’s retrospective account places preferential Huobi access in April 2018, before the Swiss company’s December incorporation and before other sources place his Huobi Russia appointment. That chronology is unresolved. A brand’s retrospective 2018 trading history is not a 2018 incorporation date for the later Singapore company or Latvian vehicle. The unnamed Cayman trading company in his interview is not identified as a specific legal entity.", "response": "Grachev describes a self-funded trading business with no outside investors, a Swiss data centre and proprietary systems. His account is retained as his explanation rather than independently verified financial performance.", "outcome": "", "source_ids": [ "s-d254", "s-d309", "s-d6" ], "entity_ids": [ "e1", "e14" ] }, { "id": "c-role-206", "kind": "attributed", "text": "Digital Wave Finance AG — Huobi Russia (historical exchange brand). Capacity: Trading venue used in the historical account. Period: Retrospective account says April 2018, before Swiss incorporation; chronology unresolved.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Reported profit, capital and trading-volume figures are not audited accounts. Grachev’s retrospective account places preferential Huobi access in April 2018, before the Swiss company’s December incorporation and before other sources place his Huobi Russia appointment. That chronology is unresolved. A brand’s retrospective 2018 trading history is not a 2018 incorporation date for the later Singapore company or Latvian vehicle. The unnamed Cayman trading company in his interview is not identified as a specific legal entity.", "response": "Grachev describes a self-funded trading business with no outside investors, a Swiss data centre and proprietary systems. His account is retained as his explanation rather than independently verified financial performance.", "outcome": "", "source_ids": [ "s-d254", "s-d309", "s-d6" ], "entity_ids": [ "e1", "e31" ] }, { "id": "c-role-207", "kind": "attributed", "text": "Digital Wave Finance AG — OKEx. Capacity: Trading venue used in the historical account. Period: Retrospective account of exchange introductions in 2019.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Reported profit, capital and trading-volume figures are not audited accounts. Grachev’s retrospective account places preferential Huobi access in April 2018, before the Swiss company’s December incorporation and before other sources place his Huobi Russia appointment. That chronology is unresolved. A brand’s retrospective 2018 trading history is not a 2018 incorporation date for the later Singapore company or Latvian vehicle. The unnamed Cayman trading company in his interview is not identified as a specific legal entity.", "response": "Grachev describes a self-funded trading business with no outside investors, a Swiss data centre and proprietary systems. His account is retained as his explanation rather than independently verified financial performance.", "outcome": "", "source_ids": [ "s-d254", "s-d309", "s-d6" ], "entity_ids": [ "e1", "e53" ] }, { "id": "c-role-210", "kind": "attributed", "text": "Vladimir Perov — DWF Labs (group brand; contracting entity varies). Capacity: Portfolio manager in the retained professional-directory profile. Period: Directory describes portfolio-manager role from July 2022; later status unestablished.", "qualification": "The DWF Labs endpoint denotes the group brand; the cited account does not always identify its exact contracting legal entity. This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d16", "s-d163", "s-d18", "s-d267", "s-d291", "s-d43", "s-d44", "s-d6", "s-d70", "s-d94" ], "entity_ids": [ "e89", "e3002" ] }, { "id": "c-role-211", "kind": "attributed", "text": "Andrei Grachev — Crypsis Blockchain Holding (brand; legal vehicle unresolved). Capacity: Managing partner of the Crypsis brand. Period: Reported Crypsis brand capacities in 2017–2018; exact legal vehicle and later status unresolved.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. A public career or matching initials does not establish identity with every same-name Russian director or litigant. Crypsis is a reported brand here; the exact legal vehicle is not conclusively identified. Old private tax, passport and residential identifiers are withheld. A retained redacted criminal record and transport-sector name matches are unresolved leads and are not assigned as convictions or transport-company ownership to the DWF partner.", "response": "", "outcome": "", "source_ids": [ "s-d16", "s-d205", "s-d269", "s-d283", "s-d309", "s-d45", "s-d6", "s-d66" ], "entity_ids": [ "e14", "e29" ] }, { "id": "c-role-225", "kind": "attributed", "text": "Digital Wave Finance AG — Darley Technologies AG. Capacity: Shared recruiting account; Darley named as a department in the job listing. Period: Dated job listing 20 July 2026; operational evidence, not equity.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Shared directors, a historical shared business site and a recruiting account support an operational connection, not a complete direct-shareholding chain. The register’s board list does not itself prove the reported founding shareholder allocations. The 2025 purpose amendment and 2026 recruiting evidence concern different dates from formation.", "response": "Rendchen told the original reporter that he had no operational role in Digital Wave Finance or Darley after leaving their boards in 2022, had never held an operational role in DWF Labs and retained no interest in DWF Labs after his 2022 departure.", "outcome": "", "source_ids": [ "s-d114", "s-d14", "s-d313", "s-d6" ], "entity_ids": [ "e1", "e23" ] }, { "id": "c-role-231", "kind": "attributed", "text": "Binance Holdings (IE) Limited — Binance Holdings Limited. Capacity: Separately named Binance entity in the CFTC consent order. Period: CFTC consent order announced 18 December 2023; no DWF defendant status.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Neither release names Digital Wave Finance or DWF Labs as a defendant. Binance’s own enforcement history is context for the exchange and its surveillance, not a transferable finding against all customers. Aggregated screening records and regulatory warnings need exact legal identities and cannot be read as sanctions designations of the DWF group. The SEC dismissal does not erase the separate CFTC consent order.", "response": "", "outcome": "", "source_ids": [ "s-d265", "s-d283", "s-d285", "s-d306" ], "entity_ids": [ "e96", "e99" ] }, { "id": "c-role-232", "kind": "attributed", "text": "Binance (Services) Holdings Limited — Binance Holdings Limited. Capacity: Separately named Binance entity in the CFTC consent order. Period: CFTC consent order announced 18 December 2023; no DWF defendant status.", "qualification": "This dated capacity is not proof of shared wrongdoing, a current mandate or a complete ownership chain. Neither release names Digital Wave Finance or DWF Labs as a defendant. Binance’s own enforcement history is context for the exchange and its surveillance, not a transferable finding against all customers. Aggregated screening records and regulatory warnings need exact legal identities and cannot be read as sanctions designations of the DWF group. The SEC dismissal does not erase the separate CFTC consent order.", "response": "", "outcome": "", "source_ids": [ "s-d265", "s-d283", "s-d285", "s-d306" ], "entity_ids": [ "e96", "e97" ] }, { "id": "c-role-financing-affiliate", "kind": "attributed", "text": "The SEC-filed issuer prospectus describes the financing investor as affiliated with DWF Labs; its exact legal name is not given in the retained passage.", "qualification": "The filing does not allocate the entire initial funding to DWF or name the exact DWF-affiliated lender in this passage. Potential additional issuance is not cash already advanced. The accepted graph therefore uses a separately identified unnamed DWF-affiliated investor, rather than assigning a US$500 million loan to the Swiss AG or Singapore company. The embedded balance is explicitly dated August 2025 even though the prospectus was filed later.", "response": "", "outcome": "", "source_ids": [ "s-d165" ], "entity_ids": [ "e3001", "e3002" ] }, { "id": "c-role-sg-brand", "kind": "attributed", "text": "DWF LABS PTE. LTD. (Singapore) — DWF Labs (group brand; contracting entity varies). Singapore company associated with the DWF Labs trading brand.", "qualification": "Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d18", "s-d43", "s-d94" ], "entity_ids": [ "e36", "e3002" ] }, { "id": "c-role-binance-named-entity", "kind": "attributed", "text": "Binance Holdings Limited — Binance (exchange brand; contracting entity unestablished). Named Binance entity in the CFTC consent order.", "qualification": "Neither release names Digital Wave Finance or DWF Labs as a defendant. Binance’s own enforcement history is context for the exchange and its surveillance, not a transferable finding against all customers. Aggregated screening records and regulatory warnings need exact legal identities and cannot be read as sanctions designations of the DWF group. The SEC dismissal does not erase the separate CFTC consent order.", "response": "", "outcome": "", "source_ids": [ "s-d285" ], "entity_ids": [ "e96", "e3003" ] }, { "id": "c-overview-structure", "kind": "analysis", "text": "Digital Wave Finance AG is a Swiss company incorporated in December 2018. The retained register shows a changing board, with Marco Schweizer the sole member from August 2024. Separate records and reporting connect its trading team with Darley and the later DWF Labs business, but the archive does not supply a complete current direct ownership chain. Turcapital is a separate licensed company whose representative denied active business with DWF.", "qualification": "The Singapore entity, the DWF Labs group brand and the BVI licensed entity are separately identified. Historical shared directors do not make all their interests assets of the Swiss company.", "response": "", "outcome": "", "source_ids": [ "s-d10", "s-d101", "s-d114", "s-d12", "s-d13", "s-d14", "s-d151", "s-d16", "s-d163", "s-d18", "s-d21", "s-d244", "s-d25", "s-d28", "s-d291", "s-d299", "s-d313", "s-d4", "s-d42", "s-d43", "s-d44", "s-d49", "s-d6", "s-d70", "s-d71", "s-d92", "s-d94", "s-d96" ], "entity_ids": [ "e1", "e12", "e14", "e16", "e2", "e23", "e24", "e28", "e3", "e3002", "e36", "e4", "e5", "e55", "e56", "e6", "e7", "e8", "e9" ] }, { "id": "c-overview-conduct", "kind": "analysis", "text": "The strongest market-conduct material consists of original reporting on client communications and disputed Binance surveillance allegations. It describes potential price management, token loans and discounted OTC purchases. DWF denies manipulation; Binance rejected the reported evidence as insufficiently substantiated. Algorand, EOS and Floki supplied favorable accounts of their own relationships.", "qualification": "A proposal is not proof of execution, price movement is not proof of manipulation, and the reported US$300 million figure concerns alleged wash-trading volume rather than an established profit or loss. The named counterparties are not accused merely because they appear in the network.", "response": "", "outcome": "", "source_ids": [ "s-d16", "s-d215", "s-d223", "s-d246", "s-d252", "s-d254", "s-d266", "s-d69" ], "entity_ids": [ "e14", "e3002", "e36", "e55", "e92", "e93", "e94", "e96" ] }, { "id": "c-overview-outcomes", "kind": "analysis", "text": "The FTX record distinguishes a Swiss equity holding from group exchange exposure. BVI authorization belongs to DWF MaaS Limited. A US issuer’s note financing names an unspecified DWF affiliate, not the Swiss company as a US$500 million lender. A Senate records request, the MOTHER complaint and the removal of Eugene Ng each have different procedural meanings.", "qualification": "Neither an inquiry nor an employer’s dismissal is a criminal conviction. DWF is not a named defendant in the retained MOTHER complaint. Ambiguous Russian and Polish person matches remain outside the accepted network.", "response": "", "outcome": "", "source_ids": [ "s-d121", "s-d16", "s-d160", "s-d161", "s-d163", "s-d165", "s-d173", "s-d203", "s-d209", "s-d211", "s-d219", "s-d234", "s-d239", "s-d283", "s-d288", "s-d300", "s-d301", "s-d303", "s-d317", "s-d318", "s-d331", "s-d332", "s-d46", "s-d55", "s-d6", "s-d65", "s-d70" ], "entity_ids": [ "e1", "e14", "e17", "e29", "e3", "e3001", "e3002", "e34", "e36", "e55", "e56", "e65", "e68", "e69", "e70", "e87" ] }, { "id": "c-reader-swiss", "kind": "fact", "text": "Digital Wave Finance AG is a Swiss company registered in December 2018, now based in Zug. Its registered capital is CHF 100,000. The corporate record establishes a sequence of directors, rather than one unchanged founding team: Louis Bisang left in 2020, Michael Rendchen and Remo Schweizer left the board in 2022, and Marco Schweizer became its sole board member in August 2024. This matters when interpreting a network that also contains their historical roles.", "qualification": "A board appointment or signing authority is not proof of a shareholding. The retained register does not provide a complete current ownership table for the Swiss company.", "response": "", "outcome": "", "source_ids": [ "s-d4" ], "entity_ids": [ "e1", "e2", "e3", "e4", "e5", "e6", "e7", "e8", "e9" ] }, { "id": "c-reader-labs", "kind": "analysis", "text": "DWF LABS PTE. LTD. is a separate Singapore company, incorporated in June 2022. DWF Labs is also the public-facing brand used across a wider business network. Contemporary reporting connects its initial shareholders to Grachev, the Schweizer brothers and Rendchen, and records later additions. A further entity, DWF MaaS Limited, appears in the British Virgin Islands regulator’s register as a virtual-assets service provider trading as DWF Labs.", "qualification": "These records do not establish that the Swiss AG, Singapore company and every DWF-branded activity are the same legal person. Historical shareholder descriptions are not a current capitalization table, and the BVI authorization applies to the named licensee.", "response": "Rendchen says his interest in DWF Labs ended in 2022 and that he never held an operational role there.", "outcome": "", "source_ids": [ "s-d94", "s-d6", "s-d121" ], "entity_ids": [ "e1", "e3", "e4", "e5", "e14", "e16", "e36", "e55", "e56", "e3002", "e65", "e70" ] }, { "id": "c-reader-origins", "kind": "analysis", "text": "The business connection is clearer than the complete ownership chain. Reporting describes former IMC traders applying automated strategies to cryptocurrency markets, with Grachev helping obtain exchange access and favorable trading fees. Darley’s Clement Florentin described overlapping teams: Digital Wave Finance concentrated on spot and futures trading, while Darley pursued options, derivatives and requests for quotes. That explains why the same people and brands recur in the records.", "qualification": "Shared personnel and an operational relationship do not, by themselves, identify which company owns another. Reported trading history and brand launch dates must also be distinguished from legal incorporation dates.", "response": "Rendchen says he had no operational role in Digital Wave Finance or Darley after leaving their boards in 2022.", "outcome": "", "source_ids": [ "s-d6" ], "entity_ids": [ "e1", "e3", "e4", "e5", "e10", "e14", "e18", "e31", "e32", "e33", "e45", "e46", "e52", "e53", "e96", "e3002", "e16", "e23" ] }, { "id": "c-reader-turcapital", "kind": "analysis", "text": "Turcapital AG, formerly Digital Wave Assets AG, illustrates the limit of a shared-person network. Its early directors overlapped with Digital Wave Finance, and the retained FINMA list identifies it separately as an authorized portfolio manager. Those links merit explanation but do not establish that it is a DWF subsidiary or that its license covers the Swiss trading company.", "qualification": "The corporate identities and regulatory permissions remain separate.", "response": "Tobias Straube, speaking for the former Digital Wave Assets business, expressly denied active business, collaboration or transactions with DWF/DWF Labs while acknowledging limited relationships involving individual shareholders.", "outcome": "", "source_ids": [ "s-d13", "s-d6", "s-d299" ], "entity_ids": [ "e1", "e2", "e3", "e5", "e9", "e12", "e24", "e28" ] }, { "id": "c-reader-business-model", "kind": "analysis", "text": "DWF Labs’ deal announcements are easier to interpret once token purchases are separated from equity investment. Original reporting examined liquid-token purchases at discounts of 5–15%, often paid in daily tranches, alongside locked-token deals and market-making contracts involving token loans and call options. An announced investment can therefore describe a token transaction rather than an ownership stake in the project’s company; an agreement or future commitment is also different from cash already paid.", "qualification": "The examined deals are a sample, not a statement that every transaction used identical terms. A token loan or call option is not itself evidence of wrongdoing. The publication disclosed that a competing market-maker’s CEO was a minority shareholder and had previously served on its board; that interest is relevant context, not proof that the reported documents were false.", "response": "Grachev said transfers to exchanges did not mean immediate token sales. He described an autonomous, market-neutral system, denied manipulation and said DWF would announce transactions only after completion.", "outcome": "", "source_ids": [ "s-d223", "s-d254" ], "entity_ids": [ "e14", "e36", "e55", "e92", "e93", "e94", "e3002" ] }, { "id": "c-reader-counterparties", "kind": "analysis", "text": "Some counterparties gave favorable accounts. The Algorand Foundation described its US$50 million ALGO transaction as an OTC purchase completed in tranches in July 2023 and said negotiations never involved moving the market or creating artificial volume. EOS described a US$45 million token purchase plus a separate US$15 million ecosystem commitment and praised the results. Floki described useful exchange introductions and responsive support after a US$5 million token sale.", "qualification": "These responses qualify the wider criticism without proving the terms or performance of unrelated trades. A commitment is not automatically money already invested, and token purchases are not automatically corporate equity.", "response": "", "outcome": "", "source_ids": [ "s-d223" ], "entity_ids": [ "e36", "e92", "e93", "e94", "e3002" ] }, { "id": "c-reader-price-allegations", "kind": "attributed", "text": "The specific price-management allegations concern communications, not simply a chart moving after a partnership. Original reporting described an early sales deck discussing price management and artificial volume, plus authenticated executive messages about a client’s desired price increase. The report also said later decks had removed some of that language. It did not establish that every suggested technique was used or that the named token projects had such conversations with DWF.", "qualification": "A proposal is not proof of an executed trade; a price change alone does not establish causation or manipulation. These are attributed journalistic findings, not a regulator’s determination.", "response": "DWF declined comment for that investigation. In a separate interview, Grachev denied manipulation and attributed sharp price moves to thin liquidity and other traders.", "outcome": "", "source_ids": [ "s-d223", "s-d254" ], "entity_ids": [ "e14", "e36", "e3002" ] }, { "id": "c-reader-binance-allegations", "kind": "attributed", "text": "A separate May 2024 report described a Binance surveillance team alleging that DWF Labs had manipulated token prices and conducted US$300 million in wash trades in 2023. The figure refers to alleged trading volume, not a proven profit, investor loss or court award. Reporting about a surveillance employee’s dismissal after the internal report raised questions about how Binance handled those findings.", "qualification": "The retained account is disputed reporting about an internal investigation, not a public judgment against DWF. Repeated reports based on the same investigation are not separate independent proofs.", "response": "Binance said the evidence was insufficiently substantiated and rejected suggestions that it permitted market abuse. DWF called the allegations unfounded and distortive of its business practices.", "outcome": "", "source_ids": [ "s-d69" ], "entity_ids": [ "e14", "e36", "e55", "e96", "e3002" ] }, { "id": "c-reader-ftx", "kind": "analysis", "text": "The FTX bankruptcy record supplies a concrete, differently scoped exposure: a schedule filed in January 2023 lists Digital Wave Finance AG with 381,534 Series B preferred shares. Separately, Grachev described DWF Labs as having funds on the exchange. An equity holding and an exchange balance are different claims on a failed business and should not be combined into an invented loss figure.", "qualification": "The share schedule does not value the investment or establish a final recovery. The retained material does not support a conclusion of zero exposure.", "response": "DWF Labs said in November 2022 that its risk controls had minimized the impact and that it would continue supporting projects.", "outcome": "", "source_ids": [ "s-d55", "s-d6", "s-d70" ], "entity_ids": [ "e1", "e14", "e17", "e36", "e55", "e56", "e3002" ] }, { "id": "c-reader-notes", "kind": "analysis", "text": "Interactive Strength’s financing disclosure demonstrates another attribution risk. In June 2025, unnamed entities affiliated with DWF Labs and ATW Partners jointly paid US$50 million for notes with approximately US$55.6 million principal. The terms allowed additional notes, carried interest and an original-issue discount, and permitted conversion into shares or exchange into FET tokens. The much larger potential issuance was a contractual facility, not proof that the full amount had already been advanced.", "qualification": "The passage neither identifies the precise DWF-affiliated lender nor allocates the whole initial payment to it. The graph therefore does not label the Swiss AG as a US$500 million lender.", "response": "", "outcome": "", "source_ids": [ "s-d165" ], "entity_ids": [ "e36", "e69", "e3001", "e3002" ] }, { "id": "c-reader-wlfi", "kind": "analysis", "text": "The reported US$25 million WLFI token purchase appears in Senator Richard Blumenthal’s May 2025 preliminary inquiry into potential conflicts involving the US president’s cryptocurrency ventures. His letter requested records from WLFI, including communications with DWF Labs, and cited concerns about market manipulation and earlier business connections.", "qualification": "The letter expresses concerns and requests information; it is not a DWF sanctions designation, criminal charge or judgment. Governance tokens do not automatically confer corporate equity, and the retained material does not establish the inquiry’s final result.", "response": "DWF’s substantive denial of the underlying manipulation allegations remains relevant to those cited concerns.", "outcome": "", "source_ids": [ "s-d65", "s-d69" ], "entity_ids": [ "e14", "e34", "e36", "e3002", "e55", "e96" ] }, { "id": "c-reader-separate-proceedings", "kind": "analysis", "text": "Binance’s own US proceedings must also be kept separate from allegations about its customers. The December 2023 CFTC consent order imposed US$2.7 billion in payments on the named Binance entities. The separate SEC civil action later ended with a May 2025 joint stipulation for dismissal with prejudice. Neither record names Digital Wave Finance or DWF Labs as a defendant.", "qualification": "The SEC outcome does not erase the distinct CFTC order, and neither outcome transfers liability or clearance to a trading customer simply because it appears in the same network.", "response": "", "outcome": "", "source_ids": [ "s-d285", "s-d306" ], "entity_ids": [ "e96", "e97", "e99" ] }, { "id": "c-reader-other-episodes", "kind": "attributed", "text": "Two further chapters distinguish allegations from procedural outcomes. The May 2026 MOTHER-token complaint discusses DWF Labs as a market maker but does not name it as a defendant. Separately, DWF Labs and OpenEden announced management and operational removals after an October 2024 drink-spiking allegation; subsequent reporting identified Eugene Ng as the partner involved.", "qualification": "The MOTHER account is a plaintiff’s pleading, not an adjudicated finding against DWF. An employer’s removal of a partner is not a conviction, and the retained record establishes no later charge, trial result or final civil disposition for the allegation.", "response": "DWF said it was investigating and described the allegation as concerning and unacceptable. Ng did not respond to the later reporter; nonresponse is not an admission.", "outcome": "", "source_ids": [ "s-d161", "s-d219", "s-d239" ], "entity_ids": [ "e36", "e68", "e3002", "e14", "e56", "e87" ] }, { "id": "display-claim-9d7cc22be907404d39e89eeb", "kind": "analysis", "text": "Digital Wave Finance AG is a Swiss company registered in December 2018, now based in Zug. Its registered capital is CHF 100,000. The corporate record establishes a sequence of directors, rather than one unchanged founding team: Louis Bisang left in 2020, Michael Rendchen and Remo Schweizer left the board in 2022, and Marco Schweizer became its sole board member in August 2024. This matters when interpreting a network that also contains their historical roles.", "qualification": "A board appointment or signing authority is not proof of a shareholding. The retained register does not provide a complete current ownership table for the Swiss company.", "response": "", "outcome": "", "source_ids": [ "s-d4" ], "entity_ids": [ "e1", "e2", "e3", "e4", "e5", "e6", "e7", "e8", "e9" ] }, { "id": "display-claim-b06b8249d1e8b74194d95fcb", "kind": "analysis", "text": "DWF LABS PTE. LTD. is a separate Singapore company, incorporated in June 2022. DWF Labs is also the public-facing brand used across a wider business network. Contemporary reporting connects its initial shareholders to Grachev, the Schweizer brothers and Rendchen, and records later additions. A further entity, DWF MaaS Limited, appears in the British Virgin Islands regulator’s register as a virtual-assets service provider trading as DWF Labs.", "qualification": "These records do not establish that the Swiss AG, Singapore company and every DWF-branded activity are the same legal person. Historical shareholder descriptions are not a current capitalization table, and the BVI authorization applies to the named licensee.", "response": "Rendchen says his interest in DWF Labs ended in 2022 and that he never held an operational role there.", "outcome": "", "source_ids": [ "s-d94", "s-d6", "s-d121" ], "entity_ids": [ "e1", "e3", "e4", "e5", "e14", "e16", "e36", "e55", "e56", "e3002", "e65", "e70" ] }, { "id": "display-claim-9eca6d7e69e7805b62a6e44b", "kind": "analysis", "text": "The business connection is clearer than the complete ownership chain. Reporting describes former IMC traders applying automated strategies to cryptocurrency markets, with Grachev helping obtain exchange access and favorable trading fees. Darley’s Clement Florentin described overlapping teams: Digital Wave Finance concentrated on spot and futures trading, while Darley pursued options, derivatives and requests for quotes. That explains why the same people and brands recur in the records.", "qualification": "Shared personnel and an operational relationship do not, by themselves, identify which company owns another. Reported trading history and brand launch dates must also be distinguished from legal incorporation dates.", "response": "Rendchen says he had no operational role in Digital Wave Finance or Darley after leaving their boards in 2022.", "outcome": "", "source_ids": [ "s-d6" ], "entity_ids": [ "e1", "e3", "e4", "e5", "e10", "e14", "e18", "e31", "e32", "e33", "e45", "e46", "e52", "e53", "e96", "e3002", "e16", "e23" ] }, { "id": "display-claim-386a5744b98a1a46a4f03969", "kind": "analysis", "text": "Turcapital AG, formerly Digital Wave Assets AG, illustrates the limit of a shared-person network. Its early directors overlapped with Digital Wave Finance, and the retained FINMA list identifies it separately as an authorized portfolio manager. Those links merit explanation but do not establish that it is a DWF subsidiary or that its license covers the Swiss trading company.", "qualification": "The corporate identities and regulatory permissions remain separate.", "response": "Tobias Straube, speaking for the former Digital Wave Assets business, expressly denied active business, collaboration or transactions with DWF/DWF Labs while acknowledging limited relationships involving individual shareholders.", "outcome": "", "source_ids": [ "s-d13", "s-d6", "s-d299" ], "entity_ids": [ "e1", "e2", "e3", "e5", "e9", "e12", "e24", "e28" ] }, { "id": "display-claim-02526a08ca01301c7723e079", "kind": "analysis", "text": "DWF Labs’ deal announcements are easier to interpret once token purchases are separated from equity investment. Original reporting examined liquid-token purchases at discounts of 5–15%, often paid in daily tranches, alongside locked-token deals and market-making contracts involving token loans and call options. An announced investment can therefore describe a token transaction rather than an ownership stake in the project’s company; an agreement or future commitment is also different from cash already paid.", "qualification": "The examined deals are a sample, not a statement that every transaction used identical terms. A token loan or call option is not itself evidence of wrongdoing. The publication disclosed that a competing market-maker’s CEO was a minority shareholder and had previously served on its board; that interest is relevant context, not proof that the reported documents were false.", "response": "Grachev said transfers to exchanges did not mean immediate token sales. He described an autonomous, market-neutral system, denied manipulation and said DWF would announce transactions only after completion.", "outcome": "", "source_ids": [ "s-d223", "s-d254" ], "entity_ids": [ "e14", "e36", "e55", "e92", "e93", "e94", "e3002" ] }, { "id": "display-claim-df55cf6cf4b8cba9c1e6afe5", "kind": "analysis", "text": "Some counterparties gave favorable accounts. The Algorand Foundation described its US$50 million ALGO transaction as an OTC purchase completed in tranches in July 2023 and said negotiations never involved moving the market or creating artificial volume. EOS described a US$45 million token purchase plus a separate US$15 million ecosystem commitment and praised the results. Floki described useful exchange introductions and responsive support after a US$5 million token sale.", "qualification": "These responses qualify the wider criticism without proving the terms or performance of unrelated trades. A commitment is not automatically money already invested, and token purchases are not automatically corporate equity.", "response": "", "outcome": "", "source_ids": [ "s-d223" ], "entity_ids": [ "e36", "e92", "e93", "e94", "e3002" ] }, { "id": "display-claim-c370f486416d62ff8a8bbc91", "kind": "analysis", "text": "The specific price-management allegations concern communications, not simply a chart moving after a partnership. Original reporting described an early sales deck discussing price management and artificial volume, plus authenticated executive messages about a client’s desired price increase. The report also said later decks had removed some of that language. It did not establish that every suggested technique was used or that the named token projects had such conversations with DWF.", "qualification": "A proposal is not proof of an executed trade; a price change alone does not establish causation or manipulation. These are attributed journalistic findings, not a regulator’s determination.", "response": "DWF declined comment for that investigation. In a separate interview, Grachev denied manipulation and attributed sharp price moves to thin liquidity and other traders.", "outcome": "", "source_ids": [ "s-d223", "s-d254" ], "entity_ids": [ "e14", "e36", "e3002" ] }, { "id": "display-claim-a05882dca0a6f04fc32969f9", "kind": "analysis", "text": "A separate May 2024 report described a Binance surveillance team alleging that DWF Labs had manipulated token prices and conducted US$300 million in wash trades in 2023. The figure refers to alleged trading volume, not a proven profit, investor loss or court award. Reporting about a surveillance employee’s dismissal after the internal report raised questions about how Binance handled those findings.", "qualification": "The retained account is disputed reporting about an internal investigation, not a public judgment against DWF. Repeated reports based on the same investigation are not separate independent proofs.", "response": "Binance said the evidence was insufficiently substantiated and rejected suggestions that it permitted market abuse. DWF called the allegations unfounded and distortive of its business practices.", "outcome": "", "source_ids": [ "s-d69" ], "entity_ids": [ "e14", "e36", "e55", "e96", "e3002" ] }, { "id": "display-claim-9310ded702ed9bedf23b0272", "kind": "analysis", "text": "The FTX bankruptcy record supplies a concrete, differently scoped exposure: a schedule filed in January 2023 lists Digital Wave Finance AG with 381,534 Series B preferred shares. Separately, Grachev described DWF Labs as having funds on the exchange. An equity holding and an exchange balance are different claims on a failed business and should not be combined into an invented loss figure.", "qualification": "The share schedule does not value the investment or establish a final recovery. The retained material does not support a conclusion of zero exposure.", "response": "DWF Labs said in November 2022 that its risk controls had minimized the impact and that it would continue supporting projects.", "outcome": "", "source_ids": [ "s-d55", "s-d6", "s-d70" ], "entity_ids": [ "e1", "e14", "e17", "e36", "e55", "e56", "e3002" ] }, { "id": "display-claim-420bcac711bda2a10b36afb3", "kind": "analysis", "text": "Interactive Strength’s financing disclosure demonstrates another attribution risk. In June 2025, unnamed entities affiliated with DWF Labs and ATW Partners jointly paid US$50 million for notes with approximately US$55.6 million principal. The terms allowed additional notes, carried interest and an original-issue discount, and permitted conversion into shares or exchange into FET tokens. The much larger potential issuance was a contractual facility, not proof that the full amount had already been advanced.", "qualification": "The passage neither identifies the precise DWF-affiliated lender nor allocates the whole initial payment to it. The graph therefore does not label the Swiss AG as a US$500 million lender.", "response": "", "outcome": "", "source_ids": [ "s-d165" ], "entity_ids": [ "e36", "e69", "e3001", "e3002" ] }, { "id": "display-claim-557659c3a2bf3e397580405b", "kind": "analysis", "text": "The reported US$25 million WLFI token purchase appears in Senator Richard Blumenthal’s May 2025 preliminary inquiry into potential conflicts involving the US president’s cryptocurrency ventures. His letter requested records from WLFI, including communications with DWF Labs, and cited concerns about market manipulation and earlier business connections.", "qualification": "The letter expresses concerns and requests information; it is not a DWF sanctions designation, criminal charge or judgment. Governance tokens do not automatically confer corporate equity, and the retained material does not establish the inquiry’s final result.", "response": "DWF’s substantive denial of the underlying manipulation allegations remains relevant to those cited concerns.", "outcome": "", "source_ids": [ "s-d65", "s-d69" ], "entity_ids": [ "e14", "e34", "e36", "e3002", "e55", "e96" ] }, { "id": "display-claim-fd542e985317015745dc41a8", "kind": "analysis", "text": "Binance’s own US proceedings must also be kept separate from allegations about its customers. The December 2023 CFTC consent order imposed US$2.7 billion in payments on the named Binance entities. The separate SEC civil action later ended with a May 2025 joint stipulation for dismissal with prejudice. Neither record names Digital Wave Finance or DWF Labs as a defendant.", "qualification": "The SEC outcome does not erase the distinct CFTC order, and neither outcome transfers liability or clearance to a trading customer simply because it appears in the same network.", "response": "", "outcome": "", "source_ids": [ "s-d285", "s-d306" ], "entity_ids": [ "e96", "e97", "e99" ] }, { "id": "display-claim-65ea314770d294cce1d51608", "kind": "analysis", "text": "Two further chapters distinguish allegations from procedural outcomes. The May 2026 MOTHER-token complaint discusses DWF Labs as a market maker but does not name it as a defendant. Separately, DWF Labs and OpenEden announced management and operational removals after an October 2024 drink-spiking allegation; subsequent reporting identified Eugene Ng as the partner involved.", "qualification": "The MOTHER account is a plaintiff’s pleading, not an adjudicated finding against DWF. An employer’s removal of a partner is not a conviction, and the retained record establishes no later charge, trial result or final civil disposition for the allegation.", "response": "DWF said it was investigating and described the allegation as concerning and unacceptable. Ng did not respond to the later reporter; nonresponse is not an admission.", "outcome": "", "source_ids": [ "s-d161", "s-d219", "s-d239" ], "entity_ids": [ "e36", "e68", "e3002", "e14", "e56", "e87" ] }, { "id": "display-claim-7b23bb687d5498de438be621", "kind": "analysis", "text": "Digital Wave Finance AG is the Swiss company CHE-339.148.394, entered in the Zug commercial register on 18 December 2018. Its registered capital is CHF 100,000, divided into 1,000 registered shares of CHF 100. The register records its move from Risch to Zug in June 2023 and a change from an expressly financial-services purpose toward software, information technology and platform activities. The company’s LEI is 506700I73GHHB2FAH085. Its public recruiting material uses the dw.finance domain and describes trading and technology work in Zug.", "qualification": "The retained commercial extract identifies directors and signing authority, not a complete shareholder register. LEI reporting exceptions referring to natural persons do not name the owners or establish their percentages. A directory’s absence of holdings information is not proof that no investments exist. Shared business addresses do not establish a corporate group; a recruiting page tagged Bucharest while its text requires relocation to Zug does not establish a Romanian subsidiary. Company-size estimates are employer or directory descriptions, not audited staffing figures.", "response": "", "outcome": "", "source_ids": [ "s-d4", "s-d10", "s-d12", "s-d42", "s-d49", "s-d71", "s-d92", "s-d96", "s-d101", "s-d151" ], "entity_ids": [ "e1" ] }, { "id": "display-claim-b5335d7285263fe492e12fa7", "kind": "analysis", "text": "The Swiss register gives a sequence of changing mandates. Louis Raymond Bisang chaired the company at formation, moved to a board role in December 2019 and left on 7 August 2020. Michael Rendchen joined at formation, chaired from December 2019 until August 2022 and left the board on 2 December 2022. Remo Schweizer’s recorded chairmanship lasted from 23 August to 2 December 2022. Marco Schweizer joined on 18 December 2019; later entries give him individual signing authority, then the chairmanship, and from 6 August 2024 the sole board seat. Irène Saxer progressed from procuration in May 2022 to a board seat in October 2023; she and Marc Philipp Prinz left on 6 August 2024.", "qualification": "These are register-entry dates. Later publication dates in directory notices must not silently move an appointment or resignation. A board mandate does not establish equity ownership. The historical management network must not be presented as the current board.", "response": "", "outcome": "The audit-waiver period ended with the October 2023 change. Strasser & Vögtli’s audit appointment ran from 31 October 2023 until its removal on 22 January 2024; JURISAUDIT was entered on 12 March 2024.", "source_ids": [ "s-d4", "s-d10", "s-d21", "s-d25", "s-d28" ], "entity_ids": [ "e1", "e2", "e3", "e4", "e5", "e6", "e7", "e8", "e9" ] }, { "id": "display-claim-48105ab1742b4783dc033e9a", "kind": "analysis", "text": "Marc Philipp Prinz’s firm biography identifies him as a VISCHER partner and employment-law practitioner; his former DPD Switzerland board role is separate from his brief DWF mandate. The auditor JURISAUDIT is the Swiss company CHE-114.623.136, formerly Swiss Compliance Services. Strasser & Vögtli Treuhand is CHE-110.056.712 and has its own board, signing officers and audit provider. Their client networks and professional rosters explain service connections without merging the firms.", "qualification": "A lawyer’s profession does not establish the precise purpose of his DWF board appointment. An audit appointment is not a finding that every transaction was proper or that fraud was excluded. Other audit clients and the auditor’s own officers are professional connections, not DWF owners or participants in every allegation.", "response": "", "outcome": "", "source_ids": [ "s-d27", "s-d79", "s-d87", "s-d104", "s-d193" ], "entity_ids": [ "e7", "e8", "e9", "e41", "e42", "e72", "e75", "e76", "e77", "e78" ] }, { "id": "display-claim-0c1be7436308c0e3ec1e9b40", "kind": "analysis", "text": "Darley Technologies AG, CHE-148.754.173, was registered on 6 May 2021 with CHF 1 million capital. Its formation record describes an in-kind contribution of 30.0464807 bitcoin for 100 million shares of CHF 0.01. Rendchen’s chairmanship ended on 19 October 2022; Clement Florentin became chair, with Marco and Remo Schweizer on the board. Florentin described the brands as sharing much of their team while separating spot and futures activity from options, derivatives and requests for quotes. A July 2026 job listing on the DWF recruiting account names Darley as its department and describes work for Darley.", "qualification": "Shared directors, a historical shared business site and a recruiting account support an operational connection, not a complete direct-shareholding chain. The register’s board list does not itself prove the reported founding shareholder allocations. The 2025 purpose amendment and 2026 recruiting evidence concern different dates from formation.", "response": "Rendchen told the original reporter that he had no operational role in Digital Wave Finance or Darley after leaving their boards in 2022, had never held an operational role in DWF Labs and retained no interest in DWF Labs after his 2022 departure.", "outcome": "", "source_ids": [ "s-d6", "s-d14", "s-d114", "s-d313" ], "entity_ids": [ "e1", "e3", "e4", "e5", "e16", "e23" ] }, { "id": "display-claim-42f53fdb364e8f099402eab0", "kind": "analysis", "text": "Turcapital AG, CHE-160.336.941, is the separate Swiss company formerly named Digital Wave Assets AG, registered on 16 December 2019 and renamed in February 2025. Its history records Bisang as chair, Rendchen and Remo Schweizer leaving in September 2020, Tobias Straube joining the board and Tobias Widmer joining in September 2026. Capital increased from CHF 100,000 to CHF 1 million in 2024, including a CHF 650,000 debt conversion. The retained October 2026 FINMA list names Turcapital as an authorized portfolio manager supervised by OSFINcontrol AG.", "qualification": "Shared early directors, brand descriptions and business addresses do not prove that Turcapital is owned by Digital Wave Finance. FINMA’s entry applies to Turcapital, not automatically to the Swiss subject, Darley or every DWF-branded entity. A partly recognized PDF search cannot certify that the subject has no authorization. A historic LEI address for Digital Wave Assets and a later directory address for DWF do not alone prove contemporaneous co-occupation in 2020.", "response": "Tobias Straube, speaking as COO of Digital Waves, expressly denied active business, collaboration or transactions between his company and DWF/DWF Labs, while acknowledging limited relationships involving individual shareholders. That denial qualifies the otherwise visible shared-person network.", "outcome": "", "source_ids": [ "s-d6", "s-d13", "s-d244", "s-d299" ], "entity_ids": [ "e1", "e2", "e3", "e5", "e9", "e12", "e24", "e28" ] }, { "id": "display-claim-21230a4f7ecd18b4c2de955f", "kind": "analysis", "text": "The Singapore entity is DWF LABS PTE. LTD., UEN 202220906H, incorporated on 16 June 2022. The retained directory reports SGD 50,000 ordinary share capital and ten officers in its September 2026 snapshot, but does not expose their names. Contemporary reporting identifies Grachev, the Schweizer brothers and Rendchen as initial shareholders, Florentin joining in December 2022, and additional partners joining in January 2023. A separate press account reported 27% each for Grachev and the two Schweizers. DWF Labs’ own 2022 announcement described it as part of parent company Digital Wave Finance.", "qualification": "Those are dated, differently sourced observations. The historic 27% figures are not a reconstructed current capitalization table. Hidden names and changing shareholder counts cannot identify the current owners. The DWF Labs brand spans more than one jurisdiction; generic brand activity is not automatically an obligation or asset of the Singapore company or the Swiss AG. Parent wording in a release or directory remains a reported group description, not proof of an exact current direct equity chain.", "response": "Rendchen expressly says his interest ended in 2022. The archive does not establish a later reversal of that account.", "outcome": "", "source_ids": [ "s-d6", "s-d16", "s-d18", "s-d43", "s-d44", "s-d70", "s-d94", "s-d163", "s-d291" ], "entity_ids": [ "e1", "e3", "e4", "e5", "e14", "e16", "e36", "e55", "e56", "e3002" ] }, { "id": "display-claim-bb834dcdf5ec417a6d694a81", "kind": "analysis", "text": "The BVI Financial Services Commission’s register identifies DWF MaaS Limited, trading as DWF Labs, as a virtual-assets service provider authorized for exchange between virtual assets and services connected with an issuer’s offering or sale. A 3 September 2026 DWF announcement describes a group entity receiving that approval. Separately, DMCC’s March 2023 announcement described a US$5 million growth platform with DWF Labs and a proposed DWF Ventures Studio, following the February partnership event.", "qualification": "The BVI registration belongs to the specifically named entity, not automatically to Swiss Digital Wave Finance or the Singapore company. The DMCC initiative is an announced program, not proof that all promised investments occurred or that every group activity is licensed. Claims about serving more than eighty exchanges or incubating Falcon Finance are company descriptions rather than audited market-share evidence.", "response": "", "outcome": "", "source_ids": [ "s-d121", "s-d163", "s-d173" ], "entity_ids": [ "e14", "e36", "e55", "e65", "e70", "e3002" ] }, { "id": "display-claim-1fe683dc7eaaa3087645203b", "kind": "analysis", "text": "The directors also appear in separately identified Swiss companies. Rendchen is the sole board member of Bytom Capital Holding AG, CHE-488.131.643, registered on 7 January 2025. Remo Schweizer is recorded at Legacy Shift AG, CHE-173.013.513, while his BITWave AG mandate ended in the March 2024 publication history. Marco Schweizer is the sole board member of CTRL Shift AG, CHE-186.038.669, registered on 29 December 2025, and replaced Hans-Peter Schweizer on the board of Nial AG in the 2020 history. Nial’s much older legal identity and changed business purpose are independent of the DWF brand.", "qualification": "A holding-company name, similar purpose, shared office or a director’s surname does not prove that these companies own DWF or are DWF subsidiaries. CTRL Shift’s formation disclosure does not show a contribution of DWF shares. Board succession at Nial does not prove a share acquisition or a family relationship. Dates of register entry and public notice remain distinct.", "response": "", "outcome": "", "source_ids": [ "s-d22", "s-d23", "s-d25", "s-d53", "s-d54", "s-d80", "s-d308" ], "entity_ids": [ "e3", "e4", "e5", "e27", "e37", "e38", "e39", "e40", "e51" ] }, { "id": "display-claim-d9549af70b51cdc6e75633ec", "kind": "analysis", "text": "Some expansion leads remain outside the accepted ownership network. A Russian company with a similar Crypsis name has its own registration, founders and 2020 deletion history, but the retained record does not conclusively equate that company with the Crypsis brand in Grachev’s career. Likewise, Polish records concerning Michael Sebastian Rendchen describe real companies and capacities, but the material does not conclusively establish identity with the Swiss DWF director Michael Rendchen.", "qualification": "Similar names, initials, language knowledge, business names and approximate biographical alignment are insufficient to transfer ownership or adverse findings between people. Redacted records must not be reconstructed from speculation. These leads remain explicitly unresolved in the private disposition ledger rather than appearing as verified DWF assets or accusations. Directory searches showing no litigation or no holdings are not comprehensive clearance.", "response": "", "outcome": "", "source_ids": [ "s-d6", "s-d16", "s-d46", "s-d203", "s-d209", "s-d211", "s-d234", "s-d288", "s-d300", "s-d301", "s-d303", "s-d317", "s-d318", "s-d331", "s-d332" ], "entity_ids": [ "e3", "e14", "e29" ] }, { "id": "display-claim-a6977040e0c8eea2277af24d", "kind": "analysis", "text": "Bisang’s wider professional record includes Qore Invest AG, WMZ Holding AG, the Tie-Break foundation and Turicum Private Bank. Qore’s history names him as sole board member and Christian Oliver Spring as managing director. WMZ is a separate holding company with several directors. Turicum Private Bank Limited is the Gibraltar company numbered 47119; its published governance describes Louis Bisang as an executive director representing a shareholder group, while Raymond Bisang is honorary chairman for life. The former Ares Sport company became Centara Research AG in 2024, with Louis and Raymond leaving its board as its name and seat changed.", "qualification": "These capacities are not proof that Swiss DWF owns the bank, foundation, property companies or their customers. Representing a shareholder group does not identify Bisang’s own equity percentage. The record does not infer a family relationship from names. A historical database label about termination of a registration at the old seat must not be turned into liquidation of the continuing Centara company.", "response": "", "outcome": "", "source_ids": [ "s-d51", "s-d81", "s-d113", "s-d144", "s-d145", "s-d147" ], "entity_ids": [ "e2", "e24", "e26", "e48", "e50", "e57", "e61", "e62", "e66" ] }, { "id": "display-claim-dd05eda4a8f0abbc7103b24b", "kind": "analysis", "text": "The hospitality records distinguish equity from management. Kultstatus GmbH’s formation described Bisang holding ten of twenty CHF 1,000 units, or 50%. Sanapa GmbH’s 2022 formation allocated him five of thirty units, exactly one-sixth, alongside five other participants; it also records joint-signature management. Dros GmbH’s retained 2021 record gives him thirty of three hundred units, or 10%, while ending his management role. His Club Bellevue board mandate ended in November 2018, Fusion Kitchen chairmanship in July 2019 and Zollywood board mandate in November 2021.", "qualification": "One-sixth is not a precise 17% interest. A continuing participant is not necessarily a continuing manager. Later business-site overlap and Marco Ammann’s other appointments do not convert these establishments into DWF subsidiaries. Fusion Kitchen’s later deletion and each person’s earlier departure are separate events; the former DWF director’s unrelated companies are not current subject assets.", "response": "", "outcome": "", "source_ids": [ "s-d51", "s-d89", "s-d117", "s-d118", "s-d146", "s-d148", "s-d194", "s-d195", "s-d197" ], "entity_ids": [ "e2", "e49", "e58", "e59", "e60", "e63", "e64", "e73", "e74" ] }, { "id": "display-claim-55586ebaf0c11ad633c91ae2", "kind": "analysis", "text": "Contemporary investigative reporting traces the Swiss trading operation to former IMC traders Marco and Remo Schweizer and Michael Rendchen. Grachev’s exchange relationships helped the operation obtain low fees and access to Huobi Russia, then other venues. The report describes VRM Trade as a later joint venture or brand: the Swiss operation handled major-exchange trading while Grachev handled exchange relationships and smaller venues. Reported internal records put the business on more than ten exchanges by late 2020 and describe preferential tiers on Binance, Bitfinex and OKEx. These advantages made high-volume automated trading cheaper for the firm and teams using its subaccounts.", "qualification": "Reported profit, capital and trading-volume figures are not audited accounts. Grachev’s retrospective account places preferential Huobi access in April 2018, before the Swiss company’s December incorporation and before other sources place his Huobi Russia appointment. That chronology is unresolved. A brand’s retrospective 2018 trading history is not a 2018 incorporation date for the later Singapore company or Latvian vehicle. The unnamed Cayman trading company in his interview is not identified as a specific legal entity.", "response": "Grachev describes a self-funded trading business with no outside investors, a Swiss data centre and proprietary systems. His account is retained as his explanation rather than independently verified financial performance.", "outcome": "", "source_ids": [ "s-d6", "s-d254", "s-d309" ], "entity_ids": [ "e1", "e3", "e4", "e5", "e10", "e14", "e18", "e31", "e32", "e33", "e45", "e46", "e52", "e53", "e96", "e3002" ] }, { "id": "display-claim-d500fed7cb61dd66442fffec", "kind": "analysis", "text": "VRM Trade’s public history and the Latvian Vroom entity describe different things. Vroom, registration 40203277712, was incorporated in December 2020; the official notice records Grachev leaving its board in March 2023, and the directory records liquidation in June 2023. The brand’s claimed trading history went back to 2018. The later Black Ocean proposal described a dark pool and broker liquidity service built around the FLY token. Original reporting cited a March 2021 announcement of US$4.3 million raised, then an unnamed insider’s account that the exchange never launched and investors were not reimbursed.", "qualification": "The insider’s account is attributed reporting, not a court finding, and a token project’s funding is not audited revenue of the Swiss AG. The record describes subsequent acquisition of the FLY project by VRM Korea and continued development at the time of the 2023 report. It does not prove the status of every later product. An empty directory accounts table does not establish zero activity or an illicit company.", "response": "The company’s contemporary promotion described its launchpad as offering refunds when token performance failed specified conditions. That marketing claim is not adopted as a guarantee of risk-free investment. The original reporter sought comments from the named participants; the retained article does not supply an individual answer to every Black Ocean allegation.", "outcome": "", "source_ids": [ "s-d6", "s-d45", "s-d175", "s-d176", "s-d179", "s-d254" ], "entity_ids": [ "e1", "e14", "e18", "e32", "e33", "e44", "e46" ] }, { "id": "display-claim-0c8a0e95470378e26ee73131", "kind": "analysis", "text": "Grachev’s documented public career connects Crypsis Blockchain Holding, RACIB, Huobi Russia, Jiamix, VRM and later DWF Labs. A June 2018 Moscow Chamber of Commerce event announcement identifies Andrei Viktorovich Grachev as a RACIB vice-president and Crypsis managing partner. The retained accounts place his Huobi Russia leadership in 2018–2019, followed by Vladimir Demin; they differ on whether the appointment began in September or November. Jiamix was described as a local broker using OKEx infrastructure, not an OKEx subsidiary, and later closed.", "qualification": "A public career or matching initials does not establish identity with every same-name Russian director or litigant. Crypsis is a reported brand here; the exact legal vehicle is not conclusively identified. Old private tax, passport and residential identifiers are withheld. A retained redacted criminal record and transport-sector name matches are unresolved leads and are not assigned as convictions or transport-company ownership to the DWF partner.", "response": "", "outcome": "", "source_ids": [ "s-d6", "s-d16", "s-d45", "s-d66", "s-d205", "s-d269", "s-d283", "s-d309" ], "entity_ids": [ "e14", "e29", "e30", "e31", "e32", "e44", "e45", "e46", "e54", "e81", "e82" ] }, { "id": "display-claim-819ecccd25070095b4a5fe9c", "kind": "analysis", "text": "The 2019 original reporting raised three distinct matters: Grachev’s participation in a OneLife/DealShaker event and discussion of a possible OneCoin listing; a former business contact’s alleged unpaid US$10,000 loan; and investors’ complaints about Export.Online and a separate trading arrangement. The investment-club representative said RUB 10 million went into Export.Online and repayment promises were not met. He separately alleged that a RUB 8 million trading allocation lost about 80% in three months. These were attributed complaints, not an adjudicated award against DWF.", "qualification": "The token-sale target was an ambition, not money proved raised. The two investment amounts concern separate arrangements and must not be combined into one proven debt. The article reported that some investors were considering law-enforcement complaints; it did not establish a resulting conviction or repayment outcome. Later copied accounts do not supply independent corroboration.", "response": "Grachev initially said he did not know of the OneCoin connection and had not discussed its listing. When confronted with the reported video discussion, he said Huobi had received neither applications nor listing documents. On the investment complaints, he attributed dissatisfaction to a falling market and said public accusations distorted the situation rather than resolving it.", "outcome": "", "source_ids": [ "s-d6", "s-d66" ], "entity_ids": [ "e14", "e54" ] }, { "id": "display-claim-c99aee1b83b9d5fc09b14351", "kind": "analysis", "text": "Some expansion leads remain outside the accepted ownership network. A Russian company with a similar Crypsis name has its own registration, founders and 2020 deletion history, but the retained record does not conclusively equate that company with the Crypsis brand in Grachev’s career. Likewise, Polish records concerning Michael Sebastian Rendchen describe real companies and capacities, but the material does not conclusively establish identity with the Swiss DWF director Michael Rendchen.", "qualification": "Similar names, initials, language knowledge, business names and approximate biographical alignment are insufficient to transfer ownership or adverse findings between people. Redacted records must not be reconstructed from speculation. These leads remain explicitly unresolved in the private disposition ledger rather than appearing as verified DWF assets or accusations. Directory searches showing no litigation or no holdings are not comprehensive clearance.", "response": "", "outcome": "", "source_ids": [ "s-d6", "s-d16", "s-d46", "s-d203", "s-d209", "s-d211", "s-d234", "s-d288", "s-d300", "s-d301", "s-d303", "s-d317", "s-d318", "s-d331", "s-d332" ], "entity_ids": [ "e3", "e14", "e29" ] }, { "id": "display-claim-e6cbdf4805d9bd5b95f54dac", "kind": "analysis", "text": "Original reporting based on proposals, contracts and client conversations separates liquid-token purchases, locked-token investments and market-making services. Three reviewed liquid-token deals contemplated daily purchases at discounts of 5–15%, often in US$100,000–150,000 tranches. Locked-token examples used larger discounts and one- or two-year lockups. Market-making proposals included token loans and call options. These structures explain why a public announcement described as an investment need not mean an equity round or immediate payment of the entire announced sum.", "qualification": "The sample does not establish identical terms across every DWF transaction. A proposal is not a completed trade, and a call option is not itself evidence of wrongdoing. Reporting also described uneven client reports, including one client who independently confirmed that services were being provided. The publisher disclosed that a rival market-maker’s CEO was a minority shareholder and had previously sat on its board; that interest is relevant context, not proof that the documents are false.", "response": "Grachev said exchange transfers did not mean immediate dumping and that most recent purchased tokens had not been sold in the April 2023 interview. He later said DWF would announce transactions only after completion. In his September interview he described an autonomous, market-neutral trading system and denied manual intervention or manipulation.", "outcome": "", "source_ids": [ "s-d223", "s-d254" ], "entity_ids": [ "e14", "e36", "e55", "e92", "e93", "e94", "e3002" ] }, { "id": "display-claim-6f5638df118aab7e2e9df995", "kind": "analysis", "text": "The same reporting described an early DWF Labs client deck discussing price management, order-book positioning around announcements and the ability to provide artificial volume. It also reported authenticated executive messaging about a client’s desired token-price increase. These were document-based journalistic allegations about communications and offered services, not a regulator’s determination that each proposed technique was used in a particular trade. The report said more recent decks had phased out some price-management wording.", "qualification": "Price movements after a partnership do not by themselves prove causation or manipulation. Competitors’ public criticism is not an independent judicial finding. The reporter expressly said it had not established that the named token projects had price-management conversations with DWF. That limit must remain attached to the visible counterparties.", "response": "DWF Labs declined comment or an interview for the December 2023 investigation. In a separate September interview Grachev explicitly denied manipulation, attributed sharp moves to thin liquidity and other traders, and described the firm’s strategy as autonomous and market-neutral.", "outcome": "", "source_ids": [ "s-d223", "s-d254", "s-d266" ], "entity_ids": [ "e14", "e36", "e3002" ] }, { "id": "display-claim-41275662868fded61037bd0c", "kind": "analysis", "text": "The Algorand Foundation described its US$50 million transaction as an OTC purchase of ALGO in tranches completed in July 2023. Its representative said their negotiations never suggested moving the market or supplying artificial volume. The EOS Network Foundation described a US$45 million token purchase plus a separate US$15 million ecosystem-investment commitment and praised the partnership’s results. A Floki representative said its US$5 million token-sale relationship brought exchange access, introductions and responsive support.", "qualification": "The EOS purchase and commitment are separate components; a future commitment is not automatically money already invested. These counterparties’ favorable accounts qualify the broader criticism without independently certifying every other DWF trade. Their token sales do not imply that DWF acquired corporate equity in the foundations.", "response": "", "outcome": "", "source_ids": [ "s-d223" ], "entity_ids": [ "e36", "e92", "e93", "e94", "e3002" ] }, { "id": "display-claim-1716faa890adb17c7f54de1e", "kind": "analysis", "text": "May 2024 reporting, relaying the Wall Street Journal’s investigation, said a Binance surveillance team had alleged that DWF Labs manipulated token prices and conducted more than US$300 million of wash trades in 2023. The reported figure concerned trading volume, not a proved US$300 million profit or investor loss. The reports said the team recommended removing the client and that its head was subsequently dismissed.", "qualification": "These are reported internal findings disputed by the companies, not a public court judgment against DWF. YGG trading narratives and secondary retellings share the same originating investigation and are not separate independent proofs. Photographs of wealth are not evidence of market manipulation.", "response": "Binance said the evidence was insufficient or not fully substantiated, rejected the suggestion that it permitted market abuse and described its surveillance and offboarding program. DWF called the allegations unfounded and distortive of its business practices. Heng Yu Lee characterized the attacks as driven by competitors. These denials remain beside the allegation rather than in a remote appendix.", "outcome": "", "source_ids": [ "s-d16", "s-d69", "s-d215", "s-d246", "s-d252" ], "entity_ids": [ "e14", "e36", "e55", "e96", "e3002" ] }, { "id": "display-claim-0049f6fd21dda1dc6625da66", "kind": "analysis", "text": "May 2024 reporting, relaying the Wall Street Journal’s investigation, said a Binance surveillance team had alleged that DWF Labs manipulated token prices and conducted more than US$300 million of wash trades in 2023. The reported figure concerned trading volume, not a proved US$300 million profit or investor loss. The reports said the team recommended removing the client and that its head was subsequently dismissed.", "qualification": "These are reported internal findings disputed by the companies, not a public court judgment against DWF. YGG trading narratives and secondary retellings share the same originating investigation and are not separate independent proofs. Photographs of wealth are not evidence of market manipulation.", "response": "Binance said the evidence was insufficient or not fully substantiated, rejected the suggestion that it permitted market abuse and described its surveillance and offboarding program. DWF called the allegations unfounded and distortive of its business practices. Heng Yu Lee characterized the attacks as driven by competitors. These denials remain beside the allegation rather than in a remote appendix.", "outcome": "", "source_ids": [ "s-d16", "s-d69", "s-d215", "s-d246", "s-d252" ], "entity_ids": [ "e14", "e36", "e55", "e96", "e3002" ] }, { "id": "display-claim-b3965a8a28ab6e0b77643722", "kind": "analysis", "text": "Official US releases identify separate proceedings against Binance entities. In December 2023 the CFTC announced a consent order against Binance Holdings Limited, Binance Holdings (IE) Limited, Binance (Services) Holdings Limited and Changpeng Zhao, with US$2.7 billion payable by Binance to the CFTC. The SEC’s 2023 civil case against Binance, US affiliates and Zhao later ended with a joint stipulation for dismissal with prejudice filed on 29 May 2025.", "qualification": "Neither release names Digital Wave Finance or DWF Labs as a defendant. Binance’s own enforcement history is context for the exchange and its surveillance, not a transferable finding against all customers. Aggregated screening records and regulatory warnings need exact legal identities and cannot be read as sanctions designations of the DWF group. The SEC dismissal does not erase the separate CFTC consent order.", "response": "", "outcome": "", "source_ids": [ "s-d265", "s-d283", "s-d285", "s-d306" ], "entity_ids": [ "e96", "e97", "e99" ] }, { "id": "display-claim-a9529019b4824ea3b2739858", "kind": "analysis", "text": "The FTX bankruptcy equity-holder list filed on 9 January 2023 records Digital Wave Finance AG holding 381,534 Series B preferred shares. Separately, Grachev described DWF Labs as having funds on the failed exchange. In November 2022 DWF Labs publicly said it had minimized the impact of FTX’s collapse and would continue supporting projects.", "qualification": "An equity interest in FTX and a balance held on an exchange are different exposures. The statement did not establish zero loss or that the group was unaffected. The shareholder schedule is a dated holding record, not the present value of that investment, and the archive does not supply a final recovery calculation for this particular holding.", "response": "", "outcome": "", "source_ids": [ "s-d6", "s-d55", "s-d70" ], "entity_ids": [ "e1", "e14", "e17", "e36", "e55", "e56", "e3002" ] }, { "id": "display-claim-a737ad0140d260894eda220a", "kind": "analysis", "text": "DWF Labs’ reported US$25 million WLFI token purchase became part of a May 2025 preliminary inquiry led by Senator Richard Blumenthal into World Liberty Financial and potential conflicts involving the US president’s cryptocurrency ventures. The 6 May letter to WLFI co-founder Zach Witkoff requested records, including communications with DWF Labs. It cited concerns about alleged market manipulation and the management’s earlier Russian business connections. A separate report dated the purchase to 4 April and described 250 million governance tokens.", "qualification": "The letter is an official request expressing concerns, not a sanctions designation, criminal charge or judgment against DWF. Its cited allegations still depend on their underlying evidence and denials. Buying governance tokens is not proof of corporate equity or control of WLFI. Timing near policy changes does not by itself establish a quid pro quo.", "response": "DWF’s substantive denial of the underlying manipulation allegations is retained in the market-conduct section. The retained letter does not include a DWF response to the senator or establish the final result of his inquiry.", "outcome": "", "source_ids": [ "s-d16", "s-d65", "s-d283" ], "entity_ids": [ "e14", "e34", "e36", "e3002" ] }, { "id": "display-claim-e7973185e20056207bc8e37b", "kind": "analysis", "text": "Interactive Strength’s SEC-filed prospectus describes a 10 June 2025 financing involving the issuer and its wholly owned Treasury subsidiary as borrowers, and unnamed entities affiliated with DWF Labs and ATW Partners as investors. Together they paid US$50 million for notes with US$55,555,555 principal, a 10% original-issue discount, 12% interest and an eighteen-month maturity. The agreement also allowed additional notes up to US$444,444,445 principal. The notes could convert into issuer shares or exchange into FET tokens under specified conditions.", "qualification": "The filing does not allocate the entire initial funding to DWF or name the exact DWF-affiliated lender in this passage. Potential additional issuance is not cash already advanced. The accepted graph therefore uses a separately identified unnamed DWF-affiliated investor, rather than assigning a US$500 million loan to the Swiss AG or Singapore company. The embedded balance is explicitly dated August 2025 even though the prospectus was filed later.", "response": "", "outcome": "", "source_ids": [ "s-d165" ], "entity_ids": [ "e36", "e69", "e3001", "e3002" ] }, { "id": "display-claim-61bd081a274e9613b339ef69", "kind": "analysis", "text": "The complaint filed on 4 May 2026 in Kolbrak v Kelly, SDNY 1:26-cv-03681, alleges misleading promotion of the MOTHER token and its proposed commercial uses. It describes the July 2024 DWF Labs partnership, token inventory supplied to market makers and an alleged price surge after the announcement. Its named defendant is Amethyst Amelia Kelly, known as Iggy Azalea, alongside unidentified Doe defendants; DWF Labs is discussed as a market maker but is not a named defendant in the retained pleading.", "qualification": "The plaintiff’s account is an allegation, not an adjudicated finding that DWF manipulated MOTHER or caused the token’s decline. Unidentified Doe defendants cannot simply be replaced with DWF. The complaint itself says holders had no equity in the promoter’s businesses. A limited docket-name search cannot establish that a person or company has no other litigation.", "response": "The retained filing does not contain a substantive DWF answer. No final merits outcome for this complaint is established in the material reviewed here.", "outcome": "", "source_ids": [ "s-d160", "s-d161" ], "entity_ids": [ "e36", "e68", "e3002" ] }, { "id": "display-claim-5b9e280f13a28eb08d5ea403", "kind": "analysis", "text": "In October 2024 a woman publicly alleged that a DWF Labs partner had spiked her drink during a work-related meeting in Hong Kong. DWF announced immediate removal of a partner from management and operations while investigating; subsequent reporting quoted Grachev identifying Eugene Ng as that partner. OpenEden also announced removal of a team member from management and operations. The later report said the complainant had contacted police and that Grachev’s team was considering further legal action.", "qualification": "The company actions are established through the contemporaneous statements and reporting; the underlying allegation is not presented as a conviction. Considering legal action is not the same as filing a lawsuit. The retained material does not establish a subsequent charge, trial result or final civil disposition. The complainant’s identity and unnecessary personal details are withheld.", "response": "DWF described the allegations as concerning and unacceptable and said it was investigating. Ng did not respond to the later reporter’s request; nonresponse is not an admission. Grachev did not provide further comment to that outlet.", "outcome": "", "source_ids": [ "s-d219", "s-d239" ], "entity_ids": [ "e14", "e36", "e56", "e87", "e3002" ] } ], "sources": [ { "id": "s-d4", "title": "Corporate registry concerning Digital Wave Finance or the identified participant", "publisher": "Canton Zug commercial register", "date": "", "locator": "Retained original sections referenced in private witnesses", "basis": "Exact retained passages; reported claims, denials, corporate registers and procedural records have distinct evidentiary limits.", "source_type": "corporate_registry", "publisher_type": "government", "url": "https://zg.chregister.ch/cr-portal/auszug/auszug.xhtml?uid=CHE-339.148.394" }, { "id": "s-d6", "title": "Media source · s-d6", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "media", "publisher_type": "media", "url": "" }, { "id": "s-d10", "title": "Other source · s-d10", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d12", "title": "Other source · s-d12", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d13", "title": "Corporate registry concerning Digital Wave Finance or the identified participant", "publisher": "Canton Zug commercial register", "date": "", "locator": "Retained original sections referenced in private witnesses", "basis": "Exact retained passages; reported claims, denials, corporate registers and procedural records have distinct evidentiary limits.", "source_type": "corporate_registry", "publisher_type": "government", "url": "https://zg.chregister.ch/cr-portal/auszug/auszug.xhtml?uid=CHE-160.336.941" }, { "id": "s-d14", "title": "Corporate registry concerning Digital Wave Finance or the identified participant", "publisher": "Canton Zug commercial register", "date": "", "locator": "Retained original sections referenced in private witnesses", "basis": "Exact retained passages; reported claims, denials, corporate registers and procedural records have distinct evidentiary limits.", "source_type": "corporate_registry", "publisher_type": "government", "url": "https://zg.chregister.ch/cr-portal/auszug/auszug.xhtml?uid=CHE-148.754.173" }, { "id": "s-d16", "title": "Media source · s-d16", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "media", "publisher_type": "media", "url": "" }, { "id": "s-d18", "title": "Other source · s-d18", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d21", "title": "Other source · s-d21", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d22", "title": "Other source · s-d22", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d23", "title": "Other source · s-d23", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d25", "title": "Other source · s-d25", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d27", "title": "Other source · s-d27", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d28", "title": "Other source · s-d28", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d42", "title": "Other source · s-d42", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d43", "title": "Other source · s-d43", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d44", "title": "Other source · s-d44", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d45", "title": "Other source · s-d45", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d46", "title": "Court record source · s-d46", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "court_record", "publisher_type": "unknown", "url": "" }, { "id": "s-d49", "title": "Other source · s-d49", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d51", "title": "Other source · s-d51", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d53", "title": "Other source · s-d53", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d54", "title": "Other source · s-d54", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d55", "title": "Court record source · s-d55", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "court_record", "publisher_type": "unknown", "url": "" }, { "id": "s-d65", "title": "Regulatory record concerning Digital Wave Finance or the identified participant", "publisher": "US Senate Homeland Security and Governmental Affairs Committee", "date": "", "locator": "Retained original sections referenced in private witnesses", "basis": "Exact retained passages; reported claims, denials, corporate registers and procedural records have distinct evidentiary limits.", "source_type": "regulatory_record", "publisher_type": "government", "url": "https://www.hsgac.senate.gov/wp-content/uploads/2025-05-06-Letter-from-Sen.-Richard-Blumenthal-to-WLFI.pdf" }, { "id": "s-d66", "title": "Media source · s-d66", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "media", "publisher_type": "media", "url": "" }, { "id": "s-d69", "title": "Media source · s-d69", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "media", "publisher_type": "media", "url": "" }, { "id": "s-d70", "title": "Media source · s-d70", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "media", "publisher_type": "media", "url": "" }, { "id": "s-d71", "title": "Other concerning Digital Wave Finance or the identified participant", "publisher": "Swiss Official Gazette of Commerce", "date": "", "locator": "Retained original sections referenced in private witnesses", "basis": "Exact retained passages; reported claims, denials, corporate registers and procedural records have distinct evidentiary limits.", "source_type": "other", "publisher_type": "government", "url": "https://www.shab.ch/shabforms/servlet/Search?EID=7&DOCID=1004527668" }, { "id": "s-d79", "title": "Other source · s-d79", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d80", "title": "Other source · s-d80", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d81", "title": "Other concerning Digital Wave Finance or the identified participant", "publisher": "Canton Zug commercial register", "date": "", "locator": "Retained original sections referenced in private witnesses", "basis": "Exact retained passages; reported claims, denials, corporate registers and procedural records have distinct evidentiary limits.", "source_type": "other", "publisher_type": "government", "url": "https://zg.chregister.ch/cr-portal/auszug/auszug.xhtml?uid=CHE-173.356.775" }, { "id": "s-d87", "title": "Other source · s-d87", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d89", "title": "Other source · s-d89", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d92", "title": "Other source · s-d92", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d94", "title": "Other source · s-d94", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d96", "title": "Other source · s-d96", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d101", "title": "Other source · s-d101", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d104", "title": "Other source · s-d104", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d113", "title": "Other source · s-d113", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d114", "title": "Other source · s-d114", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d117", "title": "Other source · s-d117", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d118", "title": "Other concerning Digital Wave Finance or the identified participant", "publisher": "Swiss Official Gazette of Commerce", "date": "", "locator": "Retained original sections referenced in private witnesses", "basis": "Exact retained passages; reported claims, denials, corporate registers and procedural records have distinct evidentiary limits.", "source_type": "other", "publisher_type": "government", "url": "https://shab.ch/api/v1/publications/325c63a3-ef88-444a-8f30-aeb01df6896b/pdf" }, { "id": "s-d121", "title": "Regulatory record concerning Digital Wave Finance or the identified participant", "publisher": "British Virgin Islands Financial Services Commission", "date": "", "locator": "Retained original sections referenced in private witnesses", "basis": "Exact retained passages; reported claims, denials, corporate registers and procedural records have distinct evidentiary limits.", "source_type": "regulatory_record", "publisher_type": "government", "url": "https://www.bvifsc.vg/regulated-entities-vasp" }, { "id": "s-d144", "title": "Regulatory record source · s-d144", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "regulatory_record", "publisher_type": "unknown", "url": "" }, { "id": "s-d145", "title": "Other source · s-d145", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d146", "title": "Other source · s-d146", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d147", "title": "Other source · s-d147", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d148", "title": "Other source · s-d148", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d151", "title": "Other source · s-d151", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d160", "title": "Other source · s-d160", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "other", "publisher_type": "unknown", "url": "" }, { "id": "s-d161", "title": "Court record source · s-d161", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "court_record", "publisher_type": "unknown", "url": "" }, { "id": "s-d163", "title": "Company statement source · s-d163", "publisher": "", "date": "", "locator": "", "basis": "Source classification retained; identifying metadata omitted.", "source_type": "company_statement", "publisher_type": "corporate", "url": "" }, { "id": "s-d165", "title": "Company statement concerning Digital Wave Finance or the identified participant", "publisher": "US Securities and Exchange Commission", "date": "", "locator": "Retained original sections referenced in private witnesses", "basis": "Exact retained passages; reported claims, denials, corporate registers and procedural records have distinct evidentiary limits.", "source_type": "company_statement", "publisher_type": "government", "url": "https://www.sec.gov/Archives/edgar/data/1785056/000119312526021149/trnr_prosup_jan_2026.htm" }, { "id": "s-d173", "title": "Company statement concerning Digital Wave Finance or the identified participant", "publisher": "Dubai Multi Commodities Centre", "date": "", "locator": "Retained original sections referenced in private witnesses", "basis": "Exact retained passages; reported claims, denials, corporate registers and procedural records have distinct evidentiary limits.", "source_type": "company_statement", "publisher_type": "government", "url": "https://dmcc.ae/latest-news/dmcc-crypto-centre-and-dwf-labs-collaborate-attract-new-stream-crypto-firms-dubai" }, { "id": "s-d175", "title": "Other concerning Digital Wave Finance or the identified participant", "publisher": "Latvian official gazette", "date": "", "locator": "Retained original sections referenced in private witnesses", "basis": "Exact retained passages; reported claims, denials, corporate registers and procedural records have distinct evidentiary limits.", "source_type": "other", "publisher_type": "government", "url": "https://www.vestnesis.lv/op/2023/54.KM" }, { "id": "s-d176", "title": "Other concerning Digital Wave Finance or the identified participant", "publisher": "Latvian official gazette", "date": "", "locator": "Retained original sections referenced in private witnesses", "basis": "Exact retained passages; 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