Worldcoin is under fire after it announced a change in its token unlock schedule and a following price surge. This development has led to allegations of market manipulation and scam accusations from prominent figures in the space.
On July 16, Tools for Humanity (TFH), the developer behind Worldcoin, announced an extension of the unlock schedule for 80% of Worldcoin (WLD) tokens held by investors and team members.
The original three-year unlock plan was stretched to over five years. This was announced to begin on July 24 and conclude in July 2028. This move effectively reduces the immediate token supply, aiding the price surge.
What caught the community’s attention was the sudden price surge that followed. In just two days, WLD’s price surged by 45%, climbing to as high as $3.22.
DeFi Squared, a prominent DeFi insights account, published a detailed post on social media. The analyst alleged that the Worldcoin team had engaged in price manipulation through strategic changes to emissions, market maker contracts, and well-timed announcements.
— DeFi^2 (@DefiSquared) July 17, 2024
The account even suggested the possibility of insider trading, though this remains unproven.
Adding fuel to the fire, renowned crypto investigator ZachXBT also labeled Worldcoin as “the biggest scam token of the bull run.” He criticized venture capitalists and team members for their alleged inaction.
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