DWF Labs, a well-known market-making company, appears to have completely divested from an altcoin based on its onchain activity.
The company, which has faced accusations of market manipulation from its competitors, sold the entire amount of Artificial Superintelligence Alliance (FET) tokens held in its wallet, totaling $4.87 million, according to onchain data.
DWF Labs initially transferred $1.82 million worth of tokens to the cryptocurrency exchange Bitget, and subsequently moved the remaining $3.05 million to the exchange.
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 tokens were acquired 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 the token transfer to the exchange, FET was trading at $0.98.
According to the latest data, the company currently holds $8.43 million in assets in its wallets, with $4.8 million of it being Ethereum.
*This translation is provided for informational purposes only and should not be considered as investment advice.