Controversial Cryptocurrency Company DWF Labs Makes Big Sale of Altcoin
DWF Labs, a cryptocurrency market maker company, has made a significant sale of an altcoin, according to data from the blockchain.
In its latest move, DWF Labs transferred a substantial amount of Artificial Superintelligence Alliance (FET) tokens to the cryptocurrency exchange Binance. The total value of the tokens sent amounts to $2.68 million. DWF Labs has a contract with FET developers and acts as the market maker for the token.
The developers of the altcoin had previously sent 6 million tokens to DWF Labs on October 16. Over the past week, DWF Labs has sent approximately 4 million of these tokens to centralized cryptocurrency exchanges, with a total value of $5.56 million. These transfers have resulted in a 3.32% drop in the price of FET over the same period.
FET is a newly launched altcoin that emerged from the merger of three different AI-themed altcoins. The ticker symbol for the altcoin was chosen as Fetch.AI’s FET, one of the tokens that make up the trio.
Please note that this article does not constitute investment advice.
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