---
title: "Digital Wave Finance: full accepted relationship evidence"
language: en
canonical: https://dossiertwist.com/dossiers/digital-wave-finance/relationship-evidence/
as_of: 2026-10-07
keywords: ["Digital Wave Finance","DWF Labs","Darley Technologies","Turcapital","crypto market making","Swiss governance"]
---

# Digital Wave Finance: full accepted relationship evidence

**Question.** What supports every accepted role, period and legal-entity connection?

**Answer.** The complete accepted register retains the specific capacity, date, source limits, responses and outcomes. Every raw relationship has a private inclusion, consolidation or exclusion disposition.

## Ownership capacities

- Attributed: 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. [s-d16] [s-d163] [s-d18] [s-d291] [s-d43] [s-d44] [s-d6] [s-d70] [s-d94]
  - 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.
- Attributed: Marco Schweizer — DWF LABS PTE. LTD. (Singapore). Capacity: Reported initial shareholder. Period: Initial ownership reported from June 2022; later exact interest not established. [s-d16] [s-d163] [s-d18] [s-d291] [s-d43] [s-d44] [s-d6] [s-d70] [s-d94]
  - 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.
- Attributed: Remo Schweizer — DWF LABS PTE. LTD. (Singapore). Capacity: Reported initial shareholder. Period: Initial ownership reported from June 2022; later exact interest not established. [s-d16] [s-d163] [s-d18] [s-d291] [s-d43] [s-d44] [s-d6] [s-d70] [s-d94]
  - 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.
- Attributed: 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. [s-d16] [s-d163] [s-d18] [s-d291] [s-d43] [s-d44] [s-d6] [s-d70] [s-d94]
  - 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.
- Attributed: 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. [s-d114] [s-d14] [s-d313] [s-d6]
  - 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.
- Attributed: 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. [s-d114] [s-d14] [s-d313] [s-d6]
  - 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.
- Attributed: 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. [s-d16] [s-d163] [s-d18] [s-d291] [s-d43] [s-d44] [s-d6] [s-d70] [s-d94]
  - 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.
- Attributed: 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. [s-d55] [s-d6] [s-d70]
  - 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.
- Attributed: 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. [s-d16] [s-d163] [s-d18] [s-d291] [s-d43] [s-d44] [s-d6] [s-d70] [s-d94]
  - 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.
- Attributed: 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. [s-d16] [s-d163] [s-d18] [s-d291] [s-d43] [s-d44] [s-d6] [s-d70] [s-d94]
  - 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.
- Attributed: 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. [s-d16] [s-d163] [s-d18] [s-d291] [s-d43] [s-d44] [s-d6] [s-d70] [s-d94]
  - 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.
- Attributed: 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. [s-d16] [s-d205] [s-d269] [s-d283] [s-d309] [s-d45] [s-d6] [s-d66]
  - 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.
- Attributed: 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. [s-d117] [s-d118] [s-d146] [s-d148] [s-d194] [s-d195] [s-d197] [s-d51] [s-d89]
  - 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.
- Attributed: 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. [s-d117] [s-d118] [s-d146] [s-d148] [s-d194] [s-d195] [s-d197] [s-d51] [s-d89]
  - 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.
- Attributed: 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. [s-d117] [s-d118] [s-d146] [s-d148] [s-d194] [s-d195] [s-d197] [s-d51] [s-d89]
  - 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.

## People capacities

- Attributed: Louis Raymond Bisang — Digital Wave Finance AG. Capacity: Chair, then board member. Period: 18 December 2018–7 August 2020; chair until 18 December 2019. [s-d10] [s-d21] [s-d25] [s-d28] [s-d4] [s-d71]
  - 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.
  - 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.
- Attributed: 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. [s-d10] [s-d21] [s-d25] [s-d28] [s-d4] [s-d71]
  - 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.
  - 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.
- Attributed: 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. [s-d10] [s-d21] [s-d25] [s-d28] [s-d4]
  - 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.
  - 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.
- Attributed: Remo Schweizer — Digital Wave Finance AG. Capacity: Chair during the short recorded mandate. Period: 23 August–2 December 2022. [s-d10] [s-d21] [s-d25] [s-d28] [s-d4]
  - 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.
  - 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.
- Attributed: 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. [s-d10] [s-d21] [s-d25] [s-d28] [s-d4]
  - 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.
  - 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.
- Attributed: Marc Philipp Prinz — Digital Wave Finance AG. Capacity: Board member. Period: 31 October 2023–6 August 2024. [s-d10] [s-d21] [s-d25] [s-d28] [s-d4]
  - 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.
  - 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.
- Attributed: 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. [s-d254] [s-d309] [s-d6]
  - 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.
- Attributed: 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. [s-d254] [s-d309] [s-d6]
  - 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.
- Attributed: 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. [s-d254] [s-d309] [s-d6]
  - 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.
- Attributed: Marco Schweizer — IMC Trading. Capacity: Former trader. Period: Employment before the Swiss trading venture; precise dates not established. [s-d254] [s-d309] [s-d6]
  - 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.
- Attributed: Remo Schweizer — Turcapital AG (formerly Digital Wave Assets AG). Capacity: Former board member. Period: 16 December 2019–4 September 2020. [s-d10] [s-d13] [s-d244] [s-d299] [s-d6]
  - 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.
- Attributed: Michael Rendchen — Turcapital AG (formerly Digital Wave Assets AG). Capacity: Former board member. Period: 16 December 2019–4 September 2020. [s-d10] [s-d13] [s-d244] [s-d299] [s-d6]
  - 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.
- Attributed: Louis Raymond Bisang — Turcapital AG (formerly Digital Wave Assets AG). Capacity: Chair. Period: Chair recorded from formation on 16 December 2019; retained register. [s-d10] [s-d13] [s-d244] [s-d299] [s-d6]
  - 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.
- Attributed: 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. [s-d13] [s-d244] [s-d299] [s-d6]
  - 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.
- Attributed: Clement Florentin — Darley Technologies AG. Capacity: Chair. Period: Chair entered 19 October 2022; retained register. [s-d114] [s-d14] [s-d313] [s-d6]
  - 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.
- Attributed: Remo Schweizer — Darley Technologies AG. Capacity: Board member. Period: Board entry 19 October 2022; retained register. [s-d10] [s-d114] [s-d14] [s-d313] [s-d6]
  - 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.
- Attributed: Michael Rendchen — Darley Technologies AG. Capacity: Former chair. Period: Chair from 6 May 2021; mandate ended 19 October 2022. [s-d10] [s-d114] [s-d14] [s-d313] [s-d6]
  - 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.
- Attributed: Andrei Grachev — Vroom SIA (Latvia). Capacity: Reported founder of the Latvian vehicle. Period: Latvian entity registered December 2020; liquidated June 2023. [s-d179] [s-d254] [s-d309] [s-d6]
  - 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.
- Attributed: Sylvain Barbezange — Digital Wave Finance AG. Capacity: Head of Institutions. Period: Professional profile reported a move in February 2023; later status not established. [s-d16] [s-d163] [s-d18] [s-d291] [s-d43] [s-d44] [s-d6] [s-d70] [s-d94]
  - 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.
- Attributed: Sylvain Barbezange — Darley Technologies AG. Capacity: Former head of OTC trading. Period: OTC role before the reported February 2023 move. [s-d16] [s-d163] [s-d18] [s-d291] [s-d43] [s-d44] [s-d6] [s-d70] [s-d94]
  - 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.
- Attributed: Louis Raymond Bisang — Gönnerstiftung Tie-Break. Capacity: Foundation board member; previously chair. Period: Foundation registered 9 February 2006; retained roster identifies member, formerly chair. [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]
  - 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.
- Attributed: Marco Schweizer — Darley Technologies AG. Capacity: Board member. Period: Board entry 6 May 2021; joint signing after October 2022 change. [s-d10] [s-d114] [s-d14] [s-d25] [s-d313] [s-d6]
  - 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.
- Attributed: Marco Schweizer — Nial AG. Capacity: Sole board member with individual signature. Period: Board replacement entered in October 2020; retained register. [s-d10] [s-d21] [s-d22] [s-d23] [s-d25] [s-d308] [s-d53] [s-d54] [s-d80]
  - 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.
- Attributed: Tobias Straube — Turcapital AG (formerly Digital Wave Assets AG). Capacity: Board member. Period: Board entry 4 September 2020; retained register. [s-d13] [s-d244] [s-d299] [s-d6]
  - 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.
- Attributed: Tobias Widmer — Turcapital AG (formerly Digital Wave Assets AG). Capacity: Board member. Period: Board entry 28 September 2026. [s-d13] [s-d244] [s-d299] [s-d6]
  - 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.
- Attributed: 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. [s-d16] [s-d205] [s-d269] [s-d283] [s-d309] [s-d45] [s-d6] [s-d66]
  - 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.
- Attributed: 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. [s-d16] [s-d205] [s-d246] [s-d269] [s-d283] [s-d309] [s-d45] [s-d6] [s-d66]
  - 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.
- Attributed: 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. [s-d22] [s-d23] [s-d25] [s-d308] [s-d53] [s-d54] [s-d80]
  - 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.
- Attributed: Remo Schweizer — Legacy Shift AG. Capacity: Sole board member with individual signature. Period: Founding board in February 2025 publication; later status not established. [s-d22] [s-d23] [s-d25] [s-d308] [s-d53] [s-d54] [s-d80]
  - 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.
- Attributed: Remo Schweizer — BITWave AG. Capacity: Former sole board member with individual signature. Period: Historical BITWave mandate, removal published 4 March 2024. [s-d22] [s-d23] [s-d25] [s-d308] [s-d53] [s-d54] [s-d80]
  - 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.
- Attributed: Marco Schweizer — CTRL Shift AG. Capacity: Sole board member with individual signature. Period: Registered 29 December 2025; publication 5 January 2026. [s-d22] [s-d23] [s-d25] [s-d308] [s-d53] [s-d54] [s-d80]
  - 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.
- Attributed: Marc Philipp Prinz — VISCHER AG. Capacity: Partner and employment-law practitioner. Period: Retained firm biography; no specific DWF legal-engagement scope established. [s-d104] [s-d193] [s-d27] [s-d79] [s-d87]
  - 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.
- Attributed: Marc Philipp Prinz — DPD (Schweiz) AG. Capacity: Former board member. Period: Former board role, removal recorded May 2023. [s-d104] [s-d193] [s-d27] [s-d79] [s-d87]
  - 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.
- Attributed: 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. [s-d175] [s-d176] [s-d179] [s-d254] [s-d45] [s-d6]
  - 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.
- Attributed: Andrei Grachev — Jiamix (historical exchange). Capacity: Chief executive of the historical Jiamix exchange. Period: Jiamix launched September 2019; reported closed two years later. [s-d16] [s-d205] [s-d269] [s-d283] [s-d309] [s-d45] [s-d6] [s-d66]
  - 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.
- Attributed: 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. [s-d175] [s-d176] [s-d179] [s-d254] [s-d45] [s-d6]
  - 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.
- Attributed: Louis Raymond Bisang — Qore Invest AG. Capacity: Sole board member with individual signature. Period: Board from registration 3 September 2021; retained record. [s-d113] [s-d144] [s-d145] [s-d147] [s-d51] [s-d81]
  - 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.
- Attributed: Louis Raymond Bisang — Kultstatus GmbH. Capacity: Managing participant with individual signature. Period: Formation allocation and mandate recorded September 2009; no later disposal established. [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]
  - 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.
- Attributed: Louis Raymond Bisang — WMZ Holding AG. Capacity: Board member. Period: Recorded board capacity since the 2020 formation history; retained roster. [s-d113] [s-d144] [s-d145] [s-d147] [s-d51] [s-d81]
  - 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.
- Attributed: Hans-Peter Schweizer — Nial AG. Capacity: Former board member. Period: 2016–2020 mandate before the October 2020 replacement. [s-d22] [s-d23] [s-d25] [s-d308] [s-d53] [s-d54] [s-d80]
  - 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.
- Attributed: 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. [s-d6] [s-d66]
  - 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.
- Attributed: 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. [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]
  - 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.
- Attributed: 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. [s-d16] [s-d163] [s-d18] [s-d291] [s-d43] [s-d44] [s-d6] [s-d70] [s-d94]
  - 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.
- Attributed: 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. [s-d219] [s-d239] [s-d70]
  - 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.
- Attributed: Louis Raymond Bisang — Centara Research AG. Capacity: Former board member and secretary. Period: Historical board mandate; departure in February 2024 name/seat change. [s-d113] [s-d144] [s-d145] [s-d147] [s-d51] [s-d81]
  - 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.
- Attributed: Louis Raymond Bisang — Club Bellevue AG. Capacity: Former board member. Period: Formation May 2012–November 2018 departure. [s-d117] [s-d118] [s-d146] [s-d148] [s-d194] [s-d195] [s-d197] [s-d51] [s-d89]
  - 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.
- Attributed: Louis Raymond Bisang — Fusion Kitchen AG. Capacity: Former chair. Period: 11 April 2017 registration–31 July 2019 departure; company later deleted in 2022. [s-d117] [s-d118] [s-d146] [s-d148] [s-d194] [s-d195] [s-d197] [s-d51] [s-d89]
  - 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.
- Attributed: Louis Raymond Bisang — Zollywood AG. Capacity: Former board member. Period: Historical mandate from September 2015; ended 9 November 2021. [s-d117] [s-d118] [s-d146] [s-d148] [s-d194] [s-d195] [s-d197] [s-d51] [s-d89]
  - 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.
- Attributed: Christian Oliver Spring — Qore Invest AG. Capacity: Managing director with individual signature. Period: Recorded from 2021-09-03; later status not established. [s-d113] [s-d144] [s-d145] [s-d147] [s-d51] [s-d81]
  - 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.
- Attributed: 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. [s-d113] [s-d144] [s-d145] [s-d147] [s-d51] [s-d81]
  - 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.
- Attributed: Louis Raymond Bisang — Sanapa GmbH. Capacity: Managing participant with joint signature. Period: Formation record 13 July 2022; joint-signature managing participation. [s-d117] [s-d118] [s-d146] [s-d148] [s-d194] [s-d195] [s-d197] [s-d51] [s-d89]
  - 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.
- Attributed: 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. [s-d113] [s-d144] [s-d145] [s-d147] [s-d51] [s-d81]
  - 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.
- Attributed: Raymond Bisang — Centara Research AG. Capacity: Former chair. Period: Historical board mandate; departure in February 2024 name/seat change. [s-d113] [s-d144] [s-d145] [s-d147] [s-d51] [s-d81]
  - 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.
- Attributed: 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. [s-d175] [s-d176] [s-d179] [s-d254] [s-d45] [s-d6]
  - 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.
- Attributed: 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. [s-d117] [s-d118] [s-d146] [s-d148] [s-d194] [s-d195] [s-d197] [s-d51] [s-d89]
  - 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.
- Attributed: Ivo Martin Sacchi — Zollywood AG. Capacity: Board member. Period: Historical mandate from September 2015; ended 9 November 2021. [s-d117] [s-d118] [s-d146] [s-d148] [s-d194] [s-d195] [s-d197] [s-d51] [s-d89]
  - 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.
- Attributed: 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. [s-d117] [s-d118] [s-d146] [s-d148] [s-d194] [s-d195] [s-d197] [s-d51] [s-d89]
  - 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.
- Attributed: 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. [s-d104] [s-d193] [s-d27] [s-d79] [s-d87]
  - 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.
- Attributed: 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. [s-d104] [s-d193] [s-d27] [s-d79] [s-d87]
  - 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.
- Attributed: 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. [s-d104] [s-d193] [s-d27] [s-d79] [s-d87]
  - 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.
- Attributed: Marco Steinhauer — Strasser & Vögtli Treuhand AG. Capacity: Joint-signature officer. Period: Signing authority entered March 2026; retained register. [s-d104] [s-d193] [s-d27] [s-d79] [s-d87]
  - 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.
- Attributed: Marco Andreas Ammann — Sanapa GmbH. Capacity: Managing participant with joint signature. Period: Formation record 13 July 2022; joint-signature managing participation. [s-d117] [s-d118] [s-d146] [s-d148] [s-d194] [s-d195] [s-d197] [s-d51] [s-d89]
  - 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.
- Attributed: Andrei Grachev — Ulmart. Capacity: Former regional and quality-management employee. Period: Biographical employment description 2015–2017. [s-d16] [s-d205] [s-d269] [s-d283] [s-d309] [s-d45] [s-d6] [s-d66]
  - 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.
- Attributed: 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. [s-d16] [s-d205] [s-d269] [s-d283] [s-d309] [s-d45] [s-d6] [s-d66]
  - 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.
- Attributed: 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. [s-d219] [s-d239]
  - 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.
- Attributed: 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. [s-d16] [s-d163] [s-d18] [s-d246] [s-d291] [s-d43] [s-d44] [s-d6] [s-d70] [s-d94]
  - 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.
- Attributed: 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. [s-d16] [s-d163] [s-d18] [s-d252] [s-d291] [s-d43] [s-d44] [s-d6] [s-d70] [s-d94]
  - 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.
- Attributed: 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. [s-d16] [s-d163] [s-d18] [s-d267] [s-d291] [s-d43] [s-d44] [s-d6] [s-d70] [s-d94]
  - 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.
- Attributed: 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. [s-d16] [s-d205] [s-d269] [s-d283] [s-d309] [s-d45] [s-d6] [s-d66]
  - 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.

## Business capacities

- Attributed: Strasser & Vögtli Treuhand AG — Digital Wave Finance AG. Capacity: Statutory auditor. Period: 31 October 2023–22 January 2024. [s-d10] [s-d21] [s-d25] [s-d28] [s-d4]
  - 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.
  - 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.
- Attributed: JURISAUDIT AG — Digital Wave Finance AG. Capacity: Statutory auditor. Period: Audit entry 12 March 2024; retained register. [s-d10] [s-d21] [s-d25] [s-d28] [s-d4] [s-d79]
  - 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.
  - 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.
- Attributed: 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. [s-d16] [s-d283] [s-d65]
  - 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.
- Attributed: 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. [s-d16] [s-d215] [s-d246] [s-d252] [s-d69]
  - 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.
- Attributed: 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. [s-d254] [s-d309] [s-d6]
  - 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.
- Attributed: 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. [s-d254] [s-d309] [s-d6]
  - 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.
- Attributed: 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. [s-d254] [s-d309] [s-d6]
  - 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.
- Attributed: Digital Wave Finance AG — Bitfinex. Capacity: Trading venue used in the historical account. Period: Historical trading-venue relationship described in the 2020–2023 account. [s-d254] [s-d309] [s-d6]
  - 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.
- Attributed: Digital Wave Finance AG — OKEx. Capacity: Trading venue used in the historical account. Period: Historical trading-venue relationship described in the 2020–2023 account. [s-d254] [s-d309] [s-d6]
  - 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.
- Attributed: 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. [s-d160] [s-d161]
  - 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.
- Attributed: 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. [s-d165]
  - 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.
- Attributed: 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. [s-d121] [s-d163] [s-d173]
  - 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.
- Attributed: K-Vis AG — Strasser & Vögtli Treuhand AG. Capacity: Statutory auditor. Period: Recorded from 2012-04-23; later status not established. [s-d104] [s-d193] [s-d27] [s-d79] [s-d87]
  - 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.
- Attributed: 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. [s-d16] [s-d163] [s-d18] [s-d223] [s-d291] [s-d43] [s-d44] [s-d6] [s-d70] [s-d94]
  - 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.
- Attributed: 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. [s-d223]
  - 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.
- Attributed: 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. [s-d223]
  - 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.
- Attributed: DWF Labs (group brand; contracting entity varies) — Floki. Capacity: Purchaser of Floki tokens. Period: US$5 million token-sale relationship in December 2023 reporting. [s-d223]
  - 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.
- Attributed: 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. [s-d254] [s-d309] [s-d6]
  - 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.
- Attributed: Digital Wave Finance AG — OKEx. Capacity: Trading venue used in the historical account. Period: Retrospective account of exchange introductions in 2019. [s-d254] [s-d309] [s-d6]
  - 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.

## Infrastructure capacities

- Attributed: Darley Technologies AG — Digital Wave Finance AG. Capacity: Recorded shared business site. Period: Historical shared business site 20 June 2023–15 June 2026. [s-d114] [s-d14] [s-d313] [s-d6]
  - 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.
- Attributed: 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. [s-d22] [s-d23] [s-d25] [s-d308] [s-d53] [s-d54] [s-d80]
  - 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.
- Attributed: 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. [s-d113] [s-d144] [s-d145] [s-d147] [s-d51] [s-d81]
  - 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.
- Attributed: Zollywood AG — Sanapa GmbH. Capacity: Recorded shared business site. Period: Shared business site in retained corporate records; no ownership inference. [s-d117] [s-d118] [s-d146] [s-d148] [s-d194] [s-d195] [s-d197] [s-d51] [s-d89]
  - 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.
- Attributed: 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. [s-d13] [s-d244] [s-d299] [s-d6]
  - 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.

## Associations capacities

- Attributed: 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. [s-d16] [s-d163] [s-d18] [s-d291] [s-d43] [s-d44] [s-d6] [s-d70] [s-d94]
  - 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.
- Attributed: 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. [s-d114] [s-d14] [s-d313] [s-d6]
  - 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.
- Attributed: 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. [s-d254] [s-d309] [s-d6]
  - 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.
- Attributed: 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. [s-d13] [s-d244] [s-d299] [s-d6] [s-d70]
  - 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.
- Attributed: Andrei Grachev — Vladimir Demin. Capacity: Reported collaborator in VRM Trade. Period: Historical VRM collaboration described in retained reporting; later mandate not established. [s-d16] [s-d163] [s-d18] [s-d291] [s-d43] [s-d44] [s-d6] [s-d70] [s-d94]
  - 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.
- Attributed: Andrei Grachev — Ilya Rynenkov. Capacity: Reported collaborator in VRM Trade. Period: Historical VRM collaboration described in retained reporting; later mandate not established. [s-d16] [s-d163] [s-d18] [s-d291] [s-d43] [s-d44] [s-d6] [s-d70] [s-d94]
  - 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.
- Attributed: VRM Trade (historical brand) — Digital Wave Finance AG. Capacity: Reported historical brand connection. Period: Historical VRM/Black Ocean venture, described in 2020–2023 records. [s-d175] [s-d176] [s-d179] [s-d254] [s-d45] [s-d6]
  - 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.
- Attributed: 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. [s-d121] [s-d163] [s-d173]
  - 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.
- Attributed: 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. [s-d254] [s-d309] [s-d6]
  - 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.
- Attributed: 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. [s-d114] [s-d14] [s-d313] [s-d6]
  - 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.
- Attributed: 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. [s-d265] [s-d283] [s-d285] [s-d306]
  - 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.
- Attributed: 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. [s-d265] [s-d283] [s-d285] [s-d306]
  - 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.
- Attributed: 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. [s-d165]
  - 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.
- Attributed: DWF LABS PTE. LTD. (Singapore) — DWF Labs (group brand; contracting entity varies). Singapore company associated with the DWF Labs trading brand. [s-d18] [s-d43] [s-d94]
  - 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.
- Attributed: Binance Holdings Limited — Binance (exchange brand; contracting entity unestablished). Named Binance entity in the CFTC consent order. [s-d285]
  - 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.

## Overview synthesis records

- Analysis: 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. [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]
  - 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.
- Analysis: 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. [s-d16] [s-d215] [s-d223] [s-d246] [s-d252] [s-d254] [s-d266] [s-d69]
  - 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.
- Analysis: 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. [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]
  - 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.

## Sources

- [s-d16] Media source · s-d16
- [s-d163] Company statement source · s-d163
- [s-d18] Other source · s-d18
- [s-d291] Other source · s-d291
- [s-d43] Other source · s-d43
- [s-d44] Other source · s-d44
- [s-d6] Media source · s-d6
- [s-d70] Media source · s-d70
- [s-d94] Other source · s-d94
- [s-d114] Other source · s-d114
- [s-d14] Corporate registry concerning Digital Wave Finance or the identified participant, Canton Zug commercial register <https://zg.chregister.ch/cr-portal/auszug/auszug.xhtml?uid=CHE-148.754.173>
- [s-d313] Company statement source · s-d313
- [s-d55] Court record source · s-d55
- [s-d205] Media source · s-d205
- [s-d269] Other source · s-d269
- [s-d283] Media source · s-d283
- [s-d309] Other source · s-d309
- [s-d45] Other source · s-d45
- [s-d66] Media source · s-d66
- [s-d117] Other source · s-d117
- [s-d118] Other concerning Digital Wave Finance or the identified participant, Swiss Official Gazette of Commerce <https://shab.ch/api/v1/publications/325c63a3-ef88-444a-8f30-aeb01df6896b/pdf>
- [s-d146] Other source · s-d146
- [s-d148] Other source · s-d148
- [s-d194] Other source · s-d194
- [s-d195] Other source · s-d195
- [s-d197] Other source · s-d197
- [s-d51] Other source · s-d51
- [s-d89] Other source · s-d89
- [s-d10] Other source · s-d10
- [s-d21] Other source · s-d21
- [s-d25] Other source · s-d25
- [s-d28] Other source · s-d28
- [s-d4] Corporate registry concerning Digital Wave Finance or the identified participant, Canton Zug commercial register <https://zg.chregister.ch/cr-portal/auszug/auszug.xhtml?uid=CHE-339.148.394>
- [s-d71] Other concerning Digital Wave Finance or the identified participant, Swiss Official Gazette of Commerce <https://www.shab.ch/shabforms/servlet/Search?EID=7&DOCID=1004527668>
- [s-d254] Company statement source · s-d254
- [s-d13] Corporate registry concerning Digital Wave Finance or the identified participant, Canton Zug commercial register <https://zg.chregister.ch/cr-portal/auszug/auszug.xhtml?uid=CHE-160.336.941>
- [s-d244] Other source · s-d244
- [s-d299] Regulatory record concerning Digital Wave Finance or the identified participant, Swiss Financial Market Supervisory Authority <https://www.finma.ch/en/~/media/finma/dokumente/bewilligungstraeger/pdf/vvtr.pdf?la=en&hash=0A99BA14895F41C3D7C806D9A43C1F3D>
- [s-d179] Other source · s-d179
- [s-d113] Other source · s-d113
- [s-d144] Regulatory record source · s-d144
- [s-d145] Other source · s-d145
- [s-d147] Other source · s-d147
- [s-d81] Other concerning Digital Wave Finance or the identified participant, Canton Zug commercial register <https://zg.chregister.ch/cr-portal/auszug/auszug.xhtml?uid=CHE-173.356.775>
- [s-d22] Other source · s-d22
- [s-d23] Other source · s-d23
- [s-d308] Other source · s-d308
- [s-d53] Other source · s-d53
- [s-d54] Other source · s-d54
- [s-d80] Other source · s-d80
- [s-d246] Media source · s-d246
- [s-d104] Other source · s-d104
- [s-d193] Other source · s-d193
- [s-d27] Other source · s-d27
- [s-d79] Other source · s-d79
- [s-d87] Other source · s-d87
- [s-d175] Other concerning Digital Wave Finance or the identified participant, Latvian official gazette <https://www.vestnesis.lv/op/2023/54.KM>
- [s-d176] Other concerning Digital Wave Finance or the identified participant, Latvian official gazette <https://www.vestnesis.lv/op/2023/54.KM26>
- [s-d173] Company statement concerning Digital Wave Finance or the identified participant, Dubai Multi Commodities Centre <https://dmcc.ae/latest-news/dmcc-crypto-centre-and-dwf-labs-collaborate-attract-new-stream-crypto-firms-dubai>
- [s-d223] Media source · s-d223
- [s-d219] Media source · s-d219
- [s-d239] Media source · s-d239
- [s-d252] Media source · s-d252
- [s-d267] Other source · s-d267
- [s-d65] Regulatory record concerning Digital Wave Finance or the identified participant, US Senate Homeland Security and Governmental Affairs Committee <https://www.hsgac.senate.gov/wp-content/uploads/2025-05-06-Letter-from-Sen.-Richard-Blumenthal-to-WLFI.pdf>
- [s-d215] Media source · s-d215
- [s-d69] Media source · s-d69
- [s-d160] Other source · s-d160
- [s-d161] Court record source · s-d161
- [s-d165] Company statement concerning Digital Wave Finance or the identified participant, US Securities and Exchange Commission <https://www.sec.gov/Archives/edgar/data/1785056/000119312526021149/trnr_prosup_jan_2026.htm>
- [s-d121] Regulatory record concerning Digital Wave Finance or the identified participant, British Virgin Islands Financial Services Commission <https://www.bvifsc.vg/regulated-entities-vasp>
- [s-d265] Other source · s-d265
- [s-d285] Regulatory record concerning Digital Wave Finance or the identified participant, US Commodity Futures Trading Commission <https://www.cftc.gov/PressRoom/PressReleases/8837-23>
- [s-d306] Regulatory record concerning Digital Wave Finance or the identified participant, US Securities and Exchange Commission <https://www.sec.gov/newsroom/press-releases/2023-101-sec-files-13-charges-against-binance-entities-founder-changpeng-zhao>
- [s-d101] Other source · s-d101
- [s-d12] Other source · s-d12
- [s-d151] Other source · s-d151
- [s-d42] Other source · s-d42
- [s-d49] Other source · s-d49
- [s-d92] Other source · s-d92
- [s-d96] Other source · s-d96
- [s-d266] Media source · s-d266
- [s-d203] Other source · s-d203
- [s-d209] Other source · s-d209
- [s-d211] Other source · s-d211
- [s-d234] Other source · s-d234
- [s-d288] Other source · s-d288
- [s-d300] Other source · s-d300
- [s-d301] Other source · s-d301
- [s-d303] Other source · s-d303
- [s-d317] Other source · s-d317
- [s-d318] Other source · s-d318
- [s-d331] Other source · s-d331
- [s-d332] Other source · s-d332
- [s-d46] Court record source · s-d46