FTX to Auction Worldcoin Tokens at Up to 75% Discount to Repay Creditors

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Cryptodnes2024/10/03 08:30

By:Cryptodnes

The management of the bankrupt crypto exchange FTX is set to sell 22.3 million locked Worldcoin (WLD) tokens, valued at about $37.7 million, as part of its ongoing fund recovery efforts for creditors.

The tokens will be sold at a steep discount, ranging from 40% to 75% off the current market price, with WLD trading at around $1.69.

Bidders must submit their offers by Wednesday morning, and successful bidders will be informed the following day. This is expected to be the final opportunity to acquire WLD tokens from FTX’s holdings.

The WLD tokens are under a lockup period, gradually unlocking until 2028. Beginning on December 1, 2024, 20,539 tokens will unlock daily until mid-2026, after which 13,689 tokens will unlock daily until 2028. Some buyers have reportedly raised concerns over the lengthy lockup period.

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Figure Markets CEO Mike Cagney confirmed that the FTX estate is auctioning its WLD holdings, hinting that the discount could reach as high as 75%. Cagney also suggested Figure Markets may participate, similar to their involvement in FTX’s earlier Solana (SOL) token auction.

This WLD sale comes after previous sales of Solana and Metaplex tokens by FTX management, which have helped recover significant funds. However, FTX still holds roughly $594 million in remaining assets.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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