Token

Worldcoin

Impact

ZachXBT

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.&nbsp;
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 <a href="https://www.cryptotimes.io/2024/07/17/worldcoin-lockup-extension-sparks-price-manipulation-claims/" target="_blank" rel="noopener noreferrer nofollow">scam token</a> 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 stated that the Worldcoin Foundation and Tools for Humanity are committed to maintaining strict market integrity and that no evidence supports the claims of insider trading or price manipulation.
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.
Impact of Unlock Delay on Token Prices
The allegations against Worldcoin surfaced following the company’s decision to delay unlocking 80% of its WLD supply by two years. On July 16, Tools for Humanity extended the unlock period for tokens held by team members and investors through a blog post. This delay led to a price surge, with WLD prices rising by 68% in two days, making it one of the top gainers at the time.
The Worldcoin’s representative stressed that the organization is committed to maintaining the market transparency and avoiding any market manipulation. They assured stakeholders that Worldcoin remains committed to transparency and ethical practices.
Despite the allegations, Worldcoin’s token has experienced significant price growth following the unlock delay announcement, reflecting strong market confidence.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: &nbsp;<a href="https://www.cryptotimes.io/2024/07/16/worldcoin-token-unlock-extended-to-5-years-amid-30-surge/" target="_blank" rel="noopener noreferrer nofollow">Worldcoin Token Unlock Extended to 5 Years Amid 30% Surge</a>
</blockquote>

Worldcoin Dismisses Insider Trading Allegations Amid Token Surge

The Crypto Times

Other articles published on Jul 23, 2024

Jim Cramer Claims ETH Was “Bid Up” Before ETF Debut

Out of 5ire’s Phantom: MoonBag Presale Triumphs Phenomenal with ROI and Mesmerizing Referrals Drive

MoonBag Presale Raises Over $3.7M, Dogwifhat Posts 52% Weekly Gains

dYdX Eyes Sale of Derivatives Software to Top Crypto Firms

Tyler and Cameron Winklevoss Donate 16 BTC to Help John Deaton Defeat Elizabeth Warren

Ethereum ETFs Debut with Record $1 Billion Trading Volume

Join our free newsletter for daily crypto updates!