Market Maker Company Sold Out of This Altcoin, Making a Loss

DWF Labs, one of the most popular market-making companies of the period, seems to have completely exited an altcoin based on its onchain activity.

The company, which has been subject to accusations of market manipulation from its competitors, sold a total of $4.87 million worth of Artificial Superintelligence Alliance (FET) after a 5-month dormant period, according to onchain data, thus selling all FET tokens in its wallet.

DWF Labs first transferred $1.82 million of the tokens to the cryptocurrency exchange Bitget, and then moved the remaining $3.05 million of assets 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 not known whether the company purchased the tokens at this price or at a lower price. However, if they purchased them at the price at the time of delivery, they lost 16% in total with this sale. At the time the company transferred the tokens to the stock exchange, FET was trading at $ 0.98.

According to the latest data, the company currently has $8.43 million in assets in its wallets, $4.8 million of which is Ethereum.

*This is not investment advice.