Worldcoin, a project known for its ambitious human identity initiative, is under fire following serious allegations of insider trading and price manipulation of its native token, WLD. Despite these accusations, the Worldcoin team has strongly denied any wrongdoing, emphasizing their commitment to market integrity and transparency.
Allegations Surface: The Claims Against Worldcoin
On July 17, the decentralized finance (DeFi) insights account DeFi Squared set the crypto community abuzz with a post on X (formerly Twitter), alleging that Worldcoin had engaged in price manipulation. The post suggested that someone within the team may have leveraged insider information to purchase WLD tokens before announcing a delay in the token unlock schedule.
Adding fuel to the fire, renowned pseudonymous crypto investigator ZachXBT supported these claims, branding Worldcoin’s token as a “scam” and accusing team members and venture capitalists of colluding in one of the “biggest scam tokens of the bull run.”
Worldcoin’s Firm Response
In response to these grave allegations, a Worldcoin spokesperson told Cointelegraph that the organization takes such accusations very seriously. The spokesperson asserted that both the Worldcoin Foundation and contributor Tools for Humanity have “zero tolerance” for insider trading and price manipulation activities. They stated:
“The Worldcoin Foundation and contributor Tools for Humanity take any allegation of insider trading, even if unfounded and unsubstantiated, seriously and would have zero tolerance for such activity if it were to occur.”
The spokesperson further emphasized that their investigations found no evidence supporting the allegations. They reassured the community that strict market integrity policies are in place to prevent any form of unethical trading behavior. These policies prohibit individuals covered by them from disclosing confidential information related to WLD purchasing decisions. Additionally, during the relevant times, these individuals were under an active blackout period, preventing them from engaging in any trading activities involving WLD.
Token Unlock Delay and Market Reactions
The controversy surrounding Worldcoin arises amidst its recent decision to delay the unlocking of 80% of its WLD supply by two years. On July 16, Tools for Humanity announced an extension to the unlock period for tokens held by team members and investors. This decision was made public through a blog post.
Following this announcement, WLD prices surged dramatically, with a 68% increase in just two days, propelling the token to the top of CoinGecko’s gainers list at the time. As of now, WLD is valued at $2.36.
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