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The sale of Worldcoin (WLD) tokens by Alameda Research to cover FTX bankruptcy debts has raised fears of further price declines for WLD. As Alameda continues offloading assets to meet creditor demands, investors are closely watching developments that could impact Worldcoin’s market dynamics.
Worldcoin Sales Continue Amid FTX Bankruptcy
Since FTX’s bankruptcy, developments around Alameda Research, the parent company, have stirred reactions across the crypto space. Alameda has reportedly been selling off Worldcoin tokens in a bid to settle FTX’s outstanding debts. Recently, Alameda transferred 143,770 WLD tokens to a centralized exchange (CEX), indicating continued selling pressure on WLD.
According to blockchain analytics platform Spot On Chain, Alameda Research has deposited 2 million WLD tokens (worth approximately $3.46 million) on Binance since August 9. Notably, these token sales have been executed in small increments, possibly to minimize market disruptions.
FTX and Alameda filed for bankruptcy in 2022, revealing billions in debt. Since then, Worldcoin sales have been a recurring strategy to manage creditor obligations. With an estimated 23.01 million WLD (about $47.6 million) still in Alameda’s holdings, Spot On Chain estimates that, at the current rate, it could take over three years to liquidate the remaining tokens.
Founded in 2017 by Sam Bankman-Fried (SBF) and Tara Mac Aulay, Alameda Research came under scrutiny post-bankruptcy, as it was revealed to have had secret access to FTX customer funds. Recently, Alameda’s former CEO Caroline Ellison and other executives faced criminal charges related to the company’s collapse.
WLD Token Faces Decline Amid Selling Pressure
WLD token trading volume dropped 17.48% over the last 24 hours, down to $210.35 million. The token currently trades at $2.08, well below its all-time high of $11.82—an 82.36% decline. With a market cap of $1.22 billion, Worldcoin’s performance remains under pressure as Alameda’s asset liquidation continues.
For further updates on how FTX and Alameda’s activities impact the crypto market, follow Turkish NY Radio for the latest insights and analysis.
