Worldcoin (WLD) Continuously Sets New Highs, Benefiting 3AC and FTX Creditors
Worldcoin's token, WLD, has experienced rapid price surges of over 200% in the past week, significantly benefiting key investor groups, particularly creditors of the bankrupt platforms Three Arrows Capital (3AC) and FTX.
The news was shared by 3AC founder Su Zhu on Twitter on the evening of February 19. He affirmed:
"I won't personally benefit from the rise in WLD price, but I'm excited for 3AC creditors who hold one of the world's best positions."
Got hated on a lot for this worldcoin investment in 2021. i remember the hit pieces on it were so bad most of the seed rd refused to tweet to support it
— 朱溯 🐂 (@zhusu) February 19, 2024
I wont be benefiting from WLD outperformance but i'm glad 3ac creditors have one of the largest positions in WLD in the world https://t.co/maCxk5otWr
Su Zhu also recalled past criticisms regarding 3AC's investment in Worldcoin in 2021, to the extent of refusing to share supportive information about the project.
Worldcoin has been a controversial name due to its concept of using iris scanning for user identification in exchange for token airdrops.
Previously, 3AC participated in a $25 million funding round for Tools For Humanity, the developer behind Worldcoin, valuing the company at approximately $1 billion. Three Arrows Capital continues to manage debts exceeding $1.5 billion.
According to 0xScope, the Teneo: 3AC liquidator address (0xC7...3741) owns a total of 75 million WLD, worth approximately US$550 million, and is its current asset with the highest net worth. Similar to the bankrupt Alameda, these tokens were received from Worldcoin in August 2023…
— Wu Blockchain (@WuBlockchain) February 19, 2024
According to findings by 0xScope, the liquidation address Teneo: 3AC (0xC7...3741) owns 75 million WLD tokens, valued at around $550 million USD, making it the highest net worth asset at present. These tokens were transferred by Worldcoin in August 2023 and have since remained inactive.
Another creditor group potentially benefiting from Worldcoin is FTX. In a Series A round in October 2021, Worldcoin also received investment from Sam Bankman-Fried (SBF), the founder and CEO of the bankrupt FTX exchange, currently facing seven charges and a life sentence. Data from SpotOnChain shows wallets linked to SBF's company received $185 million USD worth of WLD tokens in August last year.
In the past 24 hours, the price of WLD has surged by more than 30%, nearly touching $8 USD and temporarily setting a new peak at $7.996 USD. This positive trend was spurred by the launch of Sora, a new text-to-video product by OpenAI.
Hourly chart of WLD/USDT trading pair on Binance. Image taken at 11:20 PM on February 19, 2024.
However, WLD's price momentum may not hold, as an unlock of $165 million USD worth of tokens is scheduled to take place this week, ending on February 26.
