Andrei Grachev is a crypto executive with a background in logistics, business operations, and high-frequency trading. He has held leadership roles at companies including Huobi Russia, VRM Trade, and DWF Labs, where he has been involved in market-making and digital asset investment. In 2024, he also became a managing partner at Falcon Finance. ^{[8] [9]}

Education

Grachev graduated from Orenburg State University (OSU) with an MBA in 2014. ^[10]

Career

Grachev began his career in logistics, serving as head of the logistics department at Attenta LLC from 2010 to 2012, where he oversaw operational logistics management. He then joined M-Logistic as Chief Business Officer from 2012 to 2014, where he handled company operations and managed relationships with major clients, including Metro Group, STADA CIS, Auchan, and IKEA.

In 2015, he joined Ulmart, first as regional director until 2017, where he was responsible for developing online and offline sales, and later as head of the business process quality department until mid-2017. He then transitioned to blockchain-related roles, becoming managing partner at Crypsis Blockchain Holding from 2017 to 2018.

Between 2018 and 2019, he held multiple positions, including vice president of trading at RACIB and chief executive officer at Huobi Russia, where he focused on proprietary high-frequency trading. Starting in late 2018, he also served as CEO of VRM.trade until mid-2022, overseeing operations in Switzerland.

Grachev has been managing partner at DWF Labs since December 2018, where he continues to work. In August 2024, he also became managing partner at Falcon Finance. ^[11]

Past Controversy

In 2015, Grachev was involved in a fraud scheme that used a fake logistics company to steal cargo, resulting in a suspended prison sentence and probation. During this period, he became associated with multiple failed cryptocurrency projects that drew accusations of misleading investors and misusing funds. These included ventures such as Crypsis Blockchain Holding and Export.Online, and Shoptimizer, many of which collapsed without delivering promised outcomes.

Grachev entered the formal crypto industry in 2018, becoming vice president of trading at RACIB, a Russian crypto association with ties to government institutions. Later that year, he was appointed CEO of Huobi Russia, where he promoted controversial projects, including OneCoin, and formed partnerships with state-affiliated entities. He eventually joined Digital Wave Finance, a Swiss-based trading firm, and helped launch its offshoot VRM Trade with partners who had connections to Russian state banks.

In 2022, Grachev co-founded DWF Labs, which positioned itself as a major player in token investment and market-making. While the firm rapidly expanded its presence across global exchanges, it drew attention for alleged market manipulation and opaque funding sources. Its involvement in politically sensitive projects—such as partnering with Trump-linked crypto ventures and acquiring $25 million in $WLFI tokens—has triggered scrutiny from regulators and U.S. lawmakers. Despite mounting criticism, Grachev continues to operate in the crypto sector alongside former associates, amid reports of unexplained wealth and luxury asset acquisitions tied to his inner circle. ^[1]

Presentations

Crypto World Order

In May 2025, Grachev reflected on the drastic changes in the crypto industry that had occurred over the past few years at TOKEN2049 Dubai. He noted that while past cycles had seen excitement for new projects and investment opportunities, the current environment was characterized by increased complexity and declining interest, exemplified by stagnant Ethereum and Bitcoin prices, despite their recognition as legitimate assets. Grachev highlighted that many companies and investment funds were struggling to survive amid a lack of liquidity and retail investment, resulting in a mix of both graveyard projects and promising startups. He emphasized the importance of identifying robust investment opportunities and fostering connections in this challenging market. Grachev expressed optimism for the future, predicting that eventual monetary easing in the U.S. would lead to a resurgence in market activity and growth, particularly for Bitcoin and well-chosen cryptocurrencies, while emphasizing the importance of thorough research and informed investment strategies. ^[5]

Crypto Market Dimensions

At Consensus Hong Kong in February 2025, Grachev discussed DWF Labs' vision regarding the evolving landscape of the cryptocurrency market. He highlighted the need for different investment approaches due to the distinct dimensions within the crypto sector, such as institutional assets like Bitcoin, which had transitioned from a digital currency to being viewed as a more stable asset. Grachev noted the increasing demand for low-risk, yield-bearing products as traditional investors entered the market. He also touched upon the utility market, where innovative projects aimed to shift from Web 2.0 to Web 3.0, and the meme economy, which he characterized as highly volatile but with significant profit potential. Throughout his talk, he emphasized the importance of community engagement and suggested that a convergence between the traditional finance sector and cryptocurrencies was likely, particularly with the rise of tokenization. ^[6]

Behind the Market

In January 2025 at TOKEN2049 Singapore, Grachev reflected on the state of the cryptocurrency market. He noted that many individuals were drawn to the cryptocurrency market during its boom periods in 2017 and 2021, primarily due to the potential for rapid wealth accumulation and the allure of volatility. However, he observed that the current market resembles a period of stagnation akin to past downturns, with Bitcoin exhibiting low volatility similar to a stablecoin and diminished trading activity, leading to frustration among traders. Institutional participation had also declined, and fewer projects were being launched, resulting in liquidity issues. Grachev highlighted that trading activity was increasingly concentrated on a limited number of coins, producing abnormal market conditions. He emphasized the need for traders to adapt to the current environment by seeking opportunities in specific token types, while remaining aware of market psychology and trends. However, he ultimately stated that predicting future market movements remained uncertain. ^[7]

Great Reset

In January 2025, at TOKEN2049 Singapore, Grachev reflected on the transitions within the cryptocurrency market, noting that previous investment strategies and indicators, once reliable, had become ineffective in the rapidly changing landscape. He explained that, compared to past cycles, particularly in 2021 and 2022, many projects that relied heavily on venture capital and well-known founders had seen diminishing returns, with many assets losing significant value. Grachev emphasized the market's maturation, likening it to traditional markets where not all assets moved in tandem with Bitcoin. The conversation also touched on the evolving dynamics of investment, highlighting emerging trends such as prediction markets and community-driven tokens, which suggested a shift in investor behavior toward seeking opportunities amid regulatory challenges. He concluded by emphasizing the importance of independent research and adaptability in making informed investment decisions, acknowledging that the cryptocurrency landscape would continue to undergo rapid transformation. ^[3]

Panels

Unicorn Journey

In a panel discussion titled "The Unicorn Journey: Insights from Top Venture Capitalists," held at the UN Miner stage at Blockchain Life 2024, panelists explored emerging trends in startup funding and investment opportunities within the evolving crypto landscape. Participants included Charis Campbell (Animoca Brands), Yat Siu (Animoca Brands), Danilo Carlucci (Morningstar Ventures), Edward (HTX Ventures), Alex Scott (Solana), and Grachev. They discussed the growing popularity of meme coins and their role in attracting retail investors to the crypto space, highlighting their potential as marketing tools to onboard new users onto blockchain networks.

The panel also addressed the significance of high-quality gaming projects, noting that successful games like "Off the Grid" represent a shift toward mainstream acceptance of blockchain technology in gaming. Additionally, the participants emphasized the importance of establishing strong network effects and institutional backing for sustainable growth in the sector. Overall, the discussion underscored the diverse narratives shaping the future of venture investments in the cryptocurrency industry. ^[2]

Trend or Evolution?

In January 2025, at TOKEN2049 Singapore, a panel discussion was held on whether memecoins represented a short-term trend or the next evolution in the cryptocurrency space. Panelists included Sandra Leow (Kaido AI), Murad Mahmadov, Mike Dudas (The Block), Ansem, and Grachev. They shared their insights on the evolution and significance of memecoins. Participants included experienced investors and traders who traced the historical presence of memecoins in the crypto market, highlighting Dogecoin's enduring popularity. They discussed the growing prominence of memecoins, attributing their success to factors such as community engagement, relatability, and the effects of viral internet culture.

Panelists identified a split between short-term trading ("hyper gambling") and long-term community-building ("cult") strategies as the number of memecoins surged. They emphasized that while many new memecoins had been launched, only a few would succeed, highlighting the importance of strong narratives and active community engagement. Conclusively, they acknowledged that the potential for memecoins to drive user engagement on various blockchain platforms, such as Solana, was significant, and that this emerging sub-sector of cryptocurrency could lead to both opportunities and risks for investors. ^[4]