DWF Labs is raising eyebrows — and ruffling feathers — as it storms up the charts of the crypto sector’s most active investors.

Through a turbulent six months for the industry marked by scandal, bankruptcy and a U.S. regulatory clampdown, DWF Labs has stepped from obscurity into the limelight. The Block Pro’s deals dashboard tallies $232 million invested across 25 fundraising rounds, 18 of which had DWF as the sole investor, while the firm itself says it has poured at least $100 million into more than 100 projects.

DWF’s outlays have prompted speculation about its funding and why many of its venture capital deals appear to have opaque, non-standard structures — drawing comparisons with Alameda Research, the hedge fund and market maker founded by former FTX CEO Sam Bankman-Fried that imploded last year. In its defense, DWF has responses for all questions raised against it.

(by Ryan Weeks)