Worldcoin’s Surge
The cryptocurrency Worldcoin (WLD) has skyrocketed by 188% in the past two weeks. This surge is partly attributed to the popularity of OpenAI’s Sora text-to-video app, which uses WLD as its native token.
Benefitting Creditors
This surge has provided significant relief to two of WLD’s largest holders: Three Arrows Capital (3AC) and FTX’s trading arm,Alameda Research. Both companies faced financial difficulties during the 2022 market downturn.
According to Bloomberg, 3AC currently holds around 75 million WLD, worth approximately $520 million.Alameda holds 25 million WLD, worth $173 million.
Impact on Creditors
Thomas Braziel, co-founder of distressed investment firm 117, highlighted the impact of Worldcoin’s surge on creditors. He said, “The increase in the token is a huge win for the creditors of both bankrupt companies, especially for 3AC.”
Worldcoin’s Unique Approach
Worldcoin uses a device called an “orb” to scan eyeballs and generate a unique digital identity called World ID. This identity is used as “proof of personhood” within the Worldcoin ecosystem.
Retracement and Outlook
While WLD has experienced a slight retracement in the past 24 hours, it remains up by 147% over the past month.Analysts believe that the token’s upward trajectory is likely to continue, driven by advancements in technology and innovation.
This positive outlook could further support FTX and 3AC’s holdings in WLD, helping them navigate their bankruptcy and legal challenges.
