- Worldcoin has decided to extend its token unlock period, resulting in a notable rise in its market price.
- This move has drawn criticism from notable figures in the crypto community, accusing Worldcoin of potential market manipulation.
- ZachXBT, a prominent on-chain investigator, has openly condemned the actions, calling them a major scam in the current bull market.
Worldcoin’s token unlock schedule revision leads to market manipulation accusations in the crypto space.
Worldcoin’s Controversial Extension to Token Unlock Schedule Raises Eyebrows
On July 16, Tools for Humanity (TFH), the team behind Worldcoin, announced a substantial delay in the token unlock timeline affecting 80% of WLD tokens. Initially planned for a three-year release, the schedule has now extended to over five years, running from July 2024 through July 2028. This move effectively reduced the immediate supply of tokens, causing WLD’s price to soar by 45% within two days, reaching a peak of $3.22.
Industry Reaction to Worldcoin’s Price Surge
This price spike triggered significant concern among crypto insiders. DeFi Squared, a well-regarded source for decentralized finance insights, voiced its disapproval through a recent blog. The post emphasized that Worldcoin has manipulated its valuation through tokenomics adjustments, affecting daily price movements via strategic announcements and market maneuvers.
Community Response and Allegations
The criticism intensified as ZachXBT posted a scathing remark on social media, accusing Worldcoin’s team and associated venture capitalists—such as Sam Bankman-Fried of FTX, Coinbase’s Nick Tomaino, and 3AC—of complicity in what he labels as the most significant scam token of the current bull run. The backlash has led to a notable 9% decline in WLD’s market price over the past 24 hours, showcasing the community’s distrust.
Conclusion
The extension of Worldcoin’s token unlock period has spotlighted controversial market practices, drawing harsh criticism and leading to notable price volatility. The fallout from these allegations suggests an increasingly scrutinized future for Worldcoin, with industry insiders and investors alike keeping a close watch on its next moves.
