DWF Labs, one of the prominent market-making companies in the industry, appears to have completely divested from an altcoin based on its onchain activity.
According to onchain data, the company, which has faced allegations of market manipulation from its competitors, sold all of its Artificial Superintelligence Alliance (FET) tokens, amounting to a total value of $4.87 million, after a period of inactivity lasting 5 months.
DWF Labs initially transferred $1.82 million worth of FET tokens to the cryptocurrency exchange Bitget, and subsequently moved the remaining assets worth $3.05 million to the exchange.
It is worth mentioning that the company received these FET tokens from the FET Foundation on September 3, 2024, at an average price of $1.18. It is unclear whether the company acquired the tokens at this price or at a lower price. However, if the purchase was made at the delivery price, the company incurred a total loss of 16% with this sale. At the time of transferring the tokens to the exchange, the trading price of FET was $0.98.
Based on the latest data, DWF Labs currently holds $8.43 million in assets in its wallets, with $4.8 million of that being in Ethereum.
*This translation does not constitute investment advice.
