Rally

World

Worldcoin

Sora

In a challenging year for creditors of bankrupt investment firms Three Arrows Capital (3AC) and FTX’s trading arm Alameda Research, a recent surge in Worldcoin (<a href="https://bitcoinist.com/top-3-ai-altcoins-worldcoin-wld/" target="_blank" rel="noopener ">WLD</a>) has provided some solace.&nbsp; 
The coin, which is associated with the crypto project co-founded by <a href="https://bitcoinist.com/hong-kong-targets-worldcoin-in-data-privacy-probe/" target="_blank" rel="noopener ">OpenAI </a>CEO Sam Altman, has seen a significant 188% surge over the past fourteen days, bolstered by OpenAI’s announcement of the Sora text-to-video application, which has placed the artificial intelligence-backed token in the top 100 cryptocurrencies on the market. 
While the token’s momentum has slightly waned in the last 24 hours, its recent rally has significantly benefited two of its largest holders, Three Arrows and Alameda Research, both of whom faced difficulties during the 2022 crypto market downturn. 
<h2 id="worldcoin-rally-bolsters-three-arrows-and-alameda-research">Worldcoin Rally Bolsters Three Arrows And Alameda Research</h2> 
According to a Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-02-20/sam-altman-s-worldcoin-wld-rally-brings-relief-to-3ac-ftx-creditors" target="_blank" rel="noopener nofollow">report</a>, following the surge in Worldcoin’s portfolios, Three Arrows and Alameda Research have received a substantial boost.&nbsp; 
Three Arrows’ liquidator, Teneo, currently holds around 75 million WLD tokens, valued at approximately $520 million, while Alameda’s known addresses possess 25 million tokens worth $173 million.&nbsp; 
Thomas Braziel, co-founder and managing partner of distressed asset investment firm 117 Partners, highlighted the impact of Worldcoin’s rally on the creditors. Braziel, whose firm holds claims for both <a href="https://bitcoinist.com/opnx-exchange-faces-imminent-shutdown/" target="_blank" rel="noopener ">Three Arrows</a> and Alameda, stated, “The rally in the token is a huge home run for the creditors of both the bankrupt firms, especially for 3AC.”&nbsp; 
Braziel further explained that while Alameda’s restructuring agreements would distribute the funds primarily to customers and other creditors, the amount provides some relief. For Three Arrows, which had lost most of its <a href="https://bitcoinist.com/worldcoin-lands-in-singapore-after-india-hiccup/" target="_blank" rel="noopener ">Bitcoin </a>(BTC), the rally has been a significant driver for the firm as it revitalizes its venture investments book. 
<h2 id="wld-s-price-retracement">WLD’s Price Retracement</h2> 
Worldcoin, launched in July, introduces a distinctive approach to identity verification. Utilizing a small device called an “orb,” Worldcoin scans individuals’ eyeballs to generate a unique digital identity known as <a href="https://bitcoinist.com/worldcoin-kenyan-founders/" target="_blank" rel="noopener ">World ID</a>.&nbsp; 
This identity serves as “proof of personhood” within the Worldcoin ecosystem, with participants earning Worldcoin tokens in return for their participation. Although Worldcoin and OpenAI share a founder in Sam Altman, they are not formally connected, according to Bloomberg.&nbsp; 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/kXG90Gls/" alt="Worldcoin " width="1815" height="858"> 
WLD has experienced a retracement of over 12% in the past 24 hours, causing it to pull back from its recently achieved all-time high (ATH) of $7.992 on Monday and settle at a current trading price of $6.42.However, despite the retracement, the token has still gained an impressive 147% over the past thirty days.&nbsp; 
What is certain is that there is growing optimism that the ongoing advancements and innovations in <a href="https://bitcoinist.com/worldcoin-sign-up-record-in-argentina-scrutiny/" target="_blank" rel="noopener ">artificial intelligence</a> will continue to drive the token’s upward trajectory.&nbsp; 
This bullish trajectory may also support FTX’s holdings in Alameda Research and Three Arrows Capital, significantly helping these companies navigate their bankruptcy and legal challenges. 
Featured image from Shutterstock, chart from TradingView.com&nbsp;

Creditors Rejoice As Worldcoin (WLD) Skyrockets 188%, Providing Vital Relief To 3AC And FTX

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Bitcoinist

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