The much-anticipated token unlock cycle for Worldcoin (WLD) commences tomorrow, July 24th. This event will see a total of 2.38 billion WLD, valued at approximately $5.545 billion, gradually released into circulation over the next four years. Additionally, the unlock will occur linearly, with 1.63 million WLD released each day.
Worldcoin, a cryptocurrency project focused on creating a global identity and financial network, has been actively preparing for this milestone. Today, 990 million WLD were transferred to the address 0x2E3…8e5, followed by the distribution of 494 million WLD to 222 addresses.
Furthermore, these movements suggest the project is taking necessary steps to manage the token release and ensure smooth market integration. However, it’s notable that this volume is roughly half of the first-day trading volume for Bitcoin ETFs, suggesting there is still room for increased market interest within the token value surge.
Worldcoin Dismisses Insider Trading Allegations Amid Surge
Worldcoin has firmly denied recent allegations of insider trading and price manipulation. The decentralized finance (DeFi) insights account DeFi Squared claimed that Worldcoin engaged in price manipulation of its Worldcoin (WLD) token. The account suggested that someone from the Worldcoin team used insider information to buy the token before announcing a delay in the native token unlock schedule.
Additionally, pseudonymous crypto investigator ZachXBT accused Worldcoin of allowing insiders to profit from what he termed a “scam token.” According to ZachXBT, team members and venture capitalists were involved in what he described as “the biggest scam token of the bull run.” Worldcoin has responded by stating it has zero tolerance for such activities.
Worldcoin’s Firm Stance on Market Integrity
A spokesperson for Worldcoin emphasized that the organization takes any allegations of insider trading seriously.
The spokesperson also emphasized that Worldcoin’s strict policies prohibit individuals from disclosing confidential information related to WLD purchasing decisions, thereby preventing insider trading activities. Furthermore, during the relevant periods, they were under an active blackout, preventing them from trading WLD tokens.
The allegations against Worldcoin arose after the company announced a two-year delay in unlocking 80% of its WLD supply. On July 16, Tools for Humanity extended the token unlock period for team members and investors through a blog post. This delay caused a significant price surge, with WLD prices increasing by 68% in just two days, making it one of the top gainers at the time.
