---
title: "Digital Wave Finance and FTX: a dated equity holding and separate exchange exposure"
language: en
canonical: https://dossiertwist.com/dossiers/digital-wave-finance/ftx-equity-and-exchange-exposure/
as_of: 2026-10-07
keywords: ["Digital Wave Finance","DWF Labs","Darley Technologies","Turcapital","crypto market making","Swiss governance"]
---

# Digital Wave Finance and FTX: a dated equity holding and separate exchange exposure

**Question.** What exactly does the FTX filing show about Digital Wave Finance?

**Answer.** The January 2023 schedule lists 381,534 Series B preferred shares for the Swiss AG. Group statements about minimized exchange impact do not establish zero exposure or a final recovery value.

## Equity exposure is different from an exchange balance

- Analysis: The FTX bankruptcy equity-holder list filed on 9 January 2023 records Digital Wave Finance AG holding 381,534 Series B preferred shares. Separately, Grachev described DWF Labs as having funds on the failed exchange. In November 2022 DWF Labs publicly said it had minimized the impact of FTX’s collapse and would continue supporting projects. [s-d6] [s-d55] [s-d70]
  - Qualification: An equity interest in FTX and a balance held on an exchange are different exposures. The statement did not establish zero loss or that the group was unaffected. The shareholder schedule is a dated holding record, not the present value of that investment, and the archive does not supply a final recovery calculation for this particular holding.

## Sources

- [s-d6] Media source · s-d6
- [s-d55] Court record source · s-d55
- [s-d70] Media source · s-d70