As a seasoned crypto investor with over a decade of experience in this volatile market, I have seen my fair share of allegations and controversies surrounding various projects. However, the recent accusations against Worldcoin for insider trading and price manipulation using their native token WLD is particularly concerning.
Sam Altman’s iris scanning project, Worldcoin, has dismissed accusations of insider trading that supposedly granted some individuals an advantage in the WLD price fluctuations. Notably, Worldcoin maintains a strict policy against such behaviors, expressing a firm stance of zero tolerance.
Last week on July 17th, DeFi Squared, a renowned DeFi insights account, claimed on its platform that the Worldcoin project had manipulated prices using their native cryptocurrency, WLD token. Furthermore, they alleged that an individual from the Worldcoin team exploited insider information to purchase WLD tokens, shortly before the project announced a postponement of its planned token unlock schedule.
Instead of “Apart from DeFi Squared, another crypto analytics platform named ZachXBT stated that Worldcoin users made profits from a ‘scam token’…”, you could also say:
Worldcoin Rejects Allegations of Insider Trading
The representative from Worldcoin responded that they take these accusations severely and will not tolerate such behavior whatsoever.
“Both the Worldcoin Foundation and Tools for Humanity firmly condemn any claim of insider trading, be it baseless or unproven. They maintain a strict no-tolerance policy towards this behavior if it ever surfaces.”
As a researcher investigating allegations of insider trading and price manipulation, I can report that both organizations have shared with me that they have not uncovered any substantiating evidence to support these claims. The representatives from each organization have underscored their commitment to maintaining market integrity by adhering to stringent policies aimed at preventing such activities.
Additionally, the Worldcoin representative emphasized that those subject to their company guidelines are strictly forbidden from sharing confidential information concerning Worldcoin token (WLD) acquisitions. The spokesperson further mentioned that they enforced a trading restriction during the specified periods, preventing any involvement in WLD transactions.
The latest accusations towards Worldcoin align with their announcement to delay the release of 80% of their WLD stockpile by two years. On July 16, Tools for Humanity made this known in a blog post, stating that the period during which team members and investors can access their tokens will be prolonged.
At the moment of publication, the price of Worldcoin’s cryptocurrency WLD is decreasing by 6%, or $2.33, and its total market value amounts to $666 million. The daily trading volume has dropped by nearly 17% and now hovers around $200 million.
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2024-07-23 18:08