DWF Labs Partner X Account Hacked With Suspicious Questions

Key Points:

• DWF Labs reports a security breach on the DWF Labs partner X account; recovery is in progress.
• Grachev faces accusations of cryptocurrency scams and links to the OneCoin Ponzi scheme.

DWF Labs, an investment fund affiliated with Digital Wave Finance (DWF), faced a security incident as co-founder Andrei Grachev’s X account was compromised.

DWF Labs Partner X Account Security Breach

The company, which operates globally with offices in Singapore, Switzerland, the British Virgin Islands, the United Arab Emirates, Korea, and Hong Kong, posted on the X platform that the DWF Labs partner X account is currently under recovery.

Andrei Grachev, the Managing Partner of DWF Labs, is currently the sole media representative. However, Grachev’s past has come under scrutiny, with various cryptocurrency sites accusing him of involvement in scams since 2018, including initiating ICOs to raise capital without launching the promised projects.

Additionally, Grachev is meaningful to have ties to OneCoin, a notorious ponzi scheme from 2018 that defrauded investors of billions of dollars.

In a separate incident on Jan. 9, an unauthorized party gained access to the @SECGov account, causing a stir in the online community by posting a fake announcement claiming the SEC had approved the first-ever spot Bitcoin exchange-traded funds. The compromised DWF Labs partner X account highlights the growing concerns surrounding cybersecurity and rumors within the cryptocurrency sector.