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FTX bankruptcy estate auctioning Worldcoin tokens this week
#BinanceTurns7 #FTTusdt #TopCoinsJune2024
According to CoinGecko, Worldcoin currently has a market capitalization of approximately $792 million and a 494 million circulating supply.
The FTX estate is preparing to auction off approximately 22 million Worldcoin tokens — valued at roughly $38 million — on Oct. 3, a source familiar with the matter told Cointelegraph.WLD
$1.61
Investor bids must be submitted by 8 pm on Oct. 3, with a minimum bid of $2.5 million to qualify for the auction and the tokens could sell at a steep discount of up to 75%.
Cointelegraph also learned that the tokens are subject to a 4-year unlocking period ending in 2028.
Approximately 20,000 WLD tokens will unlock daily beginning on Dec. 1, 2024. The unlocking schedule will then slow to roughly 14,000 WLD tokens per day from July 2026 until it concludes in 2028.
Related: Bitcoin poised for potential rally as FTX payout looms and Fed shifts
FTX estate’s fire sales draw criticism
In May 2024, the FTX bankruptcy estate concluded its sales of Solana. FTX sold the remaining Solana at a steep discount of $102 when the layer-1 currency was trading at around $180. Like the current WLD auction, the Solana auction was also subject to token unlock periods.GROUND
$141.33
At the time, FTX creditor Sunil Kavuri was highly critical of the sale, accusing the bankruptcy estate of short-changing investors by selling the digital assets at such a steep discount.
“There’s a token Sullivan & Cromwell sold at 11 cents; it’s now trading at two dollars,” the FTX creditor pointed out before stating “FTX had $10 billion in Solana tokens — they sold at a 70% discount.”
Tensions between the FTX creditors and the defunct exchange recently hit a new crescendo after Kavuri revealed a controversial revised bankruptcy plan. The plan stipulated that creditors would only receive between 10% to 25% of their crypto back due to losses calculated at the time the legal petition was filed when crypto prices were significantly lower than they are today.
Rumors of FTX payout impact markets
On Sept. 29, rumors began to spread that FTX would begin distributing funds to creditors and customers on Sept. 30. Those rumors proved to be false as the court hearing to confirm the reimbursement is set for Oct. 7.
Still, mere rumors of an imminent payout were enough to send the price of FTT — FTX's native asset — soaring by more than 70% to a high of around $2.99 that day.
Magazine: Shirtless shitposting and hunting SBF on the meme streets: Gabriel Haines, Hall of Flame
$FTT
According to CoinGecko, Worldcoin currently has a market capitalization of approximately $792 million and a 494 million circulating supply.
The FTX estate is preparing to auction off approximately 22 million Worldcoin tokens — valued at roughly $38 million — on Oct. 3, a source familiar with the matter told Cointelegraph.WLD
$1.61
Investor bids must be submitted by 8 pm on Oct. 3, with a minimum bid of $2.5 million to qualify for the auction and the tokens could sell at a steep discount of up to 75%.
Cointelegraph also learned that the tokens are subject to a 4-year unlocking period ending in 2028.
Approximately 20,000 WLD tokens will unlock daily beginning on Dec. 1, 2024. The unlocking schedule will then slow to roughly 14,000 WLD tokens per day from July 2026 until it concludes in 2028.
Related: Bitcoin poised for potential rally as FTX payout looms and Fed shifts
FTX estate’s fire sales draw criticism
In May 2024, the FTX bankruptcy estate concluded its sales of Solana. FTX sold the remaining Solana at a steep discount of $102 when the layer-1 currency was trading at around $180. Like the current WLD auction, the Solana auction was also subject to token unlock periods.GROUND
$141.33
At the time, FTX creditor Sunil Kavuri was highly critical of the sale, accusing the bankruptcy estate of short-changing investors by selling the digital assets at such a steep discount.
“There’s a token Sullivan & Cromwell sold at 11 cents; it’s now trading at two dollars,” the FTX creditor pointed out before stating “FTX had $10 billion in Solana tokens — they sold at a 70% discount.”
Tensions between the FTX creditors and the defunct exchange recently hit a new crescendo after Kavuri revealed a controversial revised bankruptcy plan. The plan stipulated that creditors would only receive between 10% to 25% of their crypto back due to losses calculated at the time the legal petition was filed when crypto prices were significantly lower than they are today.
Rumors of FTX payout impact markets
On Sept. 29, rumors began to spread that FTX would begin distributing funds to creditors and customers on Sept. 30. Those rumors proved to be false as the court hearing to confirm the reimbursement is set for Oct. 7.
Still, mere rumors of an imminent payout were enough to send the price of FTT — FTX's native asset — soaring by more than 70% to a high of around $2.99 that day.
Magazine: Shirtless shitposting and hunting SBF on the meme streets: Gabriel Haines, Hall of Flame
$FTT