DWF Labs’ Andrei Grachev Fires Back at GSR Cristian Gil

Key Takeaways

Andrei Grachev, head of DWF Labs, and Cristian Gil of GSR.io engage in a public Twitter feud.

The exchange has led to discussions about the state of the crypto market and the role of market makers.

A Twitter user suggests a “Crypto Fight Night” where the loser quits the crypto markets.

The Twitter War

On September 21, 2023, a Twitter feud erupted between Andrei Grachev, the head of DWF Labs, and Cristian Gil of GSR.io. Grachev responded to Gil’s tweet, which criticized his presence on a panel discussion involving GSR.io, OKX, and Wintermute. “I never thought that you could be THAT scared of us. Yeah, we are stronger than you in terms of tech, trading, BD and everything,” Grachev tweeted.

Market Makers and Market Cycles

The exchange drew attention from other Twitter users, including Delta (@deltaxbt), who questioned what this “beef” among market makers indicates about the current stage of the crypto market cycle. Market makers play a crucial role in providing liquidity and facilitating trades in the crypto market, and their public disagreements could signal underlying tensions or shifts in the industry.

The “Crypto Fight Night” Proposition

In a surprising twist, a Twitter user named Mohammad (@Abu9ala7) proposed a “Crypto Fight Night” where Grachev and Gil would face off, and the loser would have to exit the crypto markets. The idea gained traction, with some users suggesting that such an event could set a “historical crypto bottom” before the next market run.

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Standard Custody and GSR Form Alliance for Secure Digital Asset Settlement

Standard Custody & Trust Company, LLC has partnered with GSR Markets Limited, aiming at enhancing the security and efficiency of digital asset transactions. Standard Custody, regulated by the New York Department of Financial Services, brings its expertise as a qualified custodian to the table. GSR, with a decade of experience in digital asset liquidity, complements this by offering robust trading solutions.

The partnership introduces an innovative escrow solution to mitigate counterparty risk, a growing concern in the digital asset market. By separating collateral from trading partners and placing it in a secure escrow account, the collaboration aims to enable instant and secure asset settlement. “The alliance significantly reduces credit and settlement risk for clients,” said Jack McDonald, CEO of Standard Custody.

Rich Rosenblum, Co-Founder and President of GSR, added that the partnership would play a crucial role in elevating market standards. “This innovation not only secures the existing marketplace but also encourages further institutional adoption of digital assets,” he noted.

Standard Custody, a subsidiary of PolySign, Inc., offers a platform with end-to-end encryption and distributed trust protocols for securing secret keys. GSR, on the other hand, is deeply embedded in every major sector of the cryptocurrency ecosystem, providing liquidity for a range of stakeholders, including token issuers and institutional investors.

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Surveillance Firm Launches Launches Push Towards Crypto Market Safety With 16 Other Industry Leaders

New York-based crypto surveillance firm Solidus Labs is teaming up with leading digital asset exchanges, trading firms and industry associations to launch a new crypto market safety initiative.

In a statement, the Crypto Market Integrity Coalition (CMIC) outlines how it will make the crypto market a safer space amid the emergence of new risks.

“The market integrity pledge introduced by the coalition is focused on a commitment to continuously strive towards higher standards of market integrity, risk monitoring, consumer protection and compliance, in order to maintain fair and orderly digital asset markets and prevent market abuse. “

The initiative also wants to engage with regulators to address the challenges in the industry.

“Over time, the coalition will take further steps, including advancing training programs, sharing insights and research, dialoguing with regulators, and considering data-sharing and shared-surveillance frameworks that can address crypto and decentralized finance’s unique cross-market supervision challenges.”

Solidus Labs initiated the formation of the group and co-founded the coalition with 16 other industry leaders, namely Coinbase, Circle Internet Financial, GSR, Huobi Tech, Anchorage Digital, CrossTower, BitMex, Bitstamp, Securrency, Elwood Technologies, CryptoCompare, MV Index Solutions, Global Digital Finance, the Chamber of Digital Commerce, CryptoUK, and Liberty City Ventures.

The CMIC says it is inviting other members of the crypto community to join the coalition.

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Featured Image: Shutterstock/Oceloti/Natalia Siiatovskaia


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