Less than 24 hours following initial reports of their parting of ways with Isaac Dulgarian, the UFC has released a statement in regard to the controversy surrounding his fight with Yadier Del Valle at UFC Vegas 110.

Dulgarian went into the fight a massive favorite; however, his odds shrunk in the hours leading up to the fight, which saw Dulgarian get submitted in the first round.

"Like many professional sports organizations, UFC works with an independent betting integrity service to monitor wagering activity on our events," the statement read. "Our betting integrity partner, IC360, monitors wagering on every UFC event and is conducting a thorough review of the facts surrounding the Dulgarian vs. del Valle bout on Saturday, November 1. We take these allegations very seriously, and along with the health and safety of our fighters, nothing is more important than the integrity of our sport."

UFC Statement On Isaac Dulgarian vs. Yadier Del Valle, Dulgarian's Release

Dulgarian was released by the UFC on November 2, one day following his fight with Del Valle. The fight saw Dulgarian easily taken down and submitted within the first round -- despite Dulgarian originally being pegged as a massive favorite and seemingly defending the fight-finishing choke for about a minute.

Dulgarian was originally a -250 favorite, but his line fell to just -166 in a short span. Furthermore, a number of reports claim that prop bets for a first-round finish by Del Valle increased, which set off the red flags.

Journalist and New York-based promoter Harry Mac reported that the FBI had informed the UFC of the potential violation and line movement, with Ariel Helwani confirming such a report. Helwani added that the UFC felt the fight was safe to continue.

Dulgarian also had previous connections to James Krause, who was blackballed from the MMA community almost exactly three years ago.

Dulgarian went 3-2 in the UFC before his release.