The FTX bankruptcy estate is set to auction approximately 22 million Worldcoin (WLD) tokens valued at around $38 million. According to a source familiar with the matter, bids must be submitted by 8 p.m. on October 3, with a minimum bid of $2.5 million required to participate. The tokens could sell at a steep discount, potentially up to 75%.<\/p>\n\n\n\n
Worldcoin currently has a market capitalization of around $792 million with a circulating supply of 494 million, according to CoinGecko. The auctioned tokens are subject to a 4-year unlocking period, with 20,000 WLD tokens unlocking daily starting on December 1, 2024. After July 2026, the unlocking schedule slows to approximately 14,000 tokens per day until the process concludes in 2028.<\/p>\n\n\n\n
The FTX estate\u2019s fire sales have faced scrutiny in the past. Earlier this year, the estate concluded its sale of Solana tokens at a steep discount, selling at $102 per token when Solana was trading at $180. Similar to the current WLD auction, the Solana sale was subject to token unlock periods.<\/p>\n\n\n\n
FTX creditor Sunil Kavuri has been critical of these sales, accusing the bankruptcy estate of short-changing investors. Kavuri noted instances where tokens were sold at steep discounts, including one token that was sold at $0.11 and later traded at $2. He also pointed out that FTX sold $10 billion in Solana tokens at a 70% discount.<\/p>\n\n\n\n
Tensions between FTX creditors and the defunct exchange have intensified recently. Kavuri revealed a controversial revised bankruptcy plan, which proposes that creditors will only receive 10% to 25% of their crypto assets back, due to losses calculated at the time the bankruptcy petition was filed, when crypto prices were significantly lower.<\/p>\n","protected":false},"excerpt":{"rendered":"
The FTX bankruptcy estate is set to auction approximately 22 million Worldcoin (WLD) tokens valued at around $38 million. According to a source familiar with the matter, bids must be submitted by 8 p.m. on October 3, with a minimum bid of $2.5 million required to participate. The tokens could sell at a steep discount, […]<\/p>\n","protected":false},"author":18,"featured_media":400,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[259,258],"tags":[],"class_list":{"0":"post-11622","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-altcoins","8":"category-ethereum"},"acf":[],"yoast_head":"\n