Alameda Dumps 143K WLD on Binance: Worldcoin Crash Imminent?

Alameda Research, the sister company of bankrupt crypto exchange FTX, transferred 143.77K $WLD tokens to a centralized exchange (CEX). This move raises concerns that the altcoin could decline, as the firm has sold a significant amount of $WLD in recent months.

Blockchain analysis platform Spot On Chain reported that Alameda Research has deposited 2 million $WLD tokens (worth approximately $3.46 million) to Binance since August 9 “in multiple small batches, likely to repay creditors.”

FTX and its related entities, including Alameda, filed for bankruptcy in 2022 and owe billions of dollars to creditors. The company has been selling $WLD tokens to repay this debt and still has 23.01 million $WLD (over $47.6 million) left. Spot On Chain estimates that it may take Alameda over 3 years to fully liquidate these remaining tokens at the current rate.

Alameda, founded by Sam Bankman-Fried (SBF) and Tara Mac Aulay in 2017, had secret backdoor access to FTX customer funds. SBF and some of his associates were recently sentenced, with Alameda CEO Caroline Ellison serving prison time.

$WLD Token to Crash?

$WLD trading volume fell 17.48% in the past 24 hours to $210.35 million. The altcoin’s market capitalization is $1.22 billion. The cryptocurrency is trading 82.36% below its all-time high of $11.82.

Read also: VeChain, Solana, Worldcoin Lead in Top 8 Altcoins with Upside Potential

CoinMarketCap data shows that $WLD is trading at $2.08 and reached a daily high of $2.14 in the past 24 hours. $WLD has dropped 9.16% in the past week but is up 3.19% in the last 30 days. Since November 2023, Worldcoin has risen 14.77%.