World Foundation Offloads $65M Worth of WLD Tokens Amid Historic Price Decline
The foundation behind Worldcoin has executed a $65 million WLD token sale at significantly reduced prices while the cryptocurrency reaches unprecedented lows, with additional supply unlocks looming.
The World Foundation, associated with Sam Altman, has successfully secured $65 million in funding via an over-the-counter (OTC) transaction involving its WLD token, occurring as the cryptocurrency reaches unprecedented price lows.
Through a Saturday announcement on the X platform, the foundation revealed that World Assets, its token distribution division, finalized the transaction with four separate buyers throughout the previous week, with the initial portion being settled on March 20. The deals were executed at an approximate average price of $0.27 for each token, indicating that approximately 239 million Worldcoin (WLD) tokens were transferred.
This sale funds the project's core operations and activities, R&D, orb manufacturing, ecosystem development, and more.
World Foundation
From the complete sum, tokens valued at $25 million are bound by a six-month lockup period, whereas the remaining portion became immediately available for trading.
WLD hits new low
In the wake of the disclosure, WLD temporarily dropped to a historic low of approximately $0.24 before rebounding to $0.27, representing a decline of roughly 97% from its March 2024 high of nearly $11.82. According to CoinMarketCap data, the token is presently valued at $0.2725, reflecting a 0.28% increase during the last 24-hour period.
Further downward pressure from increased supply could be approaching. A substantial community-focused token unlock event is planned for July 23, which will release approximately 52.5% of the token's total 10 billion supply, as reported by DefiLlama.
Furthermore, this recent transaction represents a considerable markdown compared to previous funding rounds. During May of the prior year, World secured $135 million at around $1.13 per token from investors such as Andreessen Horowitz and Bain Capital Crypto.
Thailand raids World-linked iris scanning site
During October of last year, Thai authorities conducted a raid on an iris-scanning facility connected to World. The nation's Securities and Exchange Commission, in collaboration with the Cyber Crime Investigation Bureau, stated that the operation potentially breached digital asset regulations by functioning without proper licensing, resulting in multiple arrests and a continuing investigation.
This action contributed to an expanding series of regulatory obstacles confronting World. Following its 2023 launch, the initiative has encountered investigations and resistance across multiple nations, including Indonesia, Germany, Kenya and Brazil, with issues spanning from licensing requirements to the management of confidential biometric information.