World Foundation Offloads $65M in WLD Amid Market Decline
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The World Foundation has recently executed an over-the-counter (OTC) sale of its WLD token, raising $65 million as the token experiences significant depreciation.
In an announcement on social media platform X, the foundation disclosed that its issuance branch, World Assets, completed the transaction with four counterparties over the previous week. The initial tranche was finalized on March 20, with the tokens priced at approximately $0.27 each, resulting in the movement of around 239 million WLD tokens.
The funds raised will support essential project operations, including research and development, orb manufacturing, and ecosystem expansion, as indicated by the World Foundation in their post.
A portion of this sale, worth $25 million in tokens, will undergo a six-month lockup period, while the remainder is available for immediate liquidity.
Following the sale announcement, the value of WLD saw a brief dip to an all-time low of approximately $0.24 before making a slight recovery to around $0.27, which reflects a staggering decline of about 97% from its peak of nearly $11.82 in March 2024. Currently, the token stands at $0.2725, marking a 0.28% increase over the last 24 hours, according to CoinMarketCap.
Market analysts indicate that further downward pressure on WLD may be imminent, as a significant token unlock event is set to occur on July 23, releasing around 52.5% of the total 10 billion supply, as per DefiLlama’s information.
Compared to previous sales, the current transaction was executed at a notable discount. In May of last year, World raised $135 million from investors like Andreessen Horowitz and Bain Capital Crypto at a price of about $1.13 per token.
Additionally, the World project has faced increased scrutiny, particularly following a raid in Thailand last October at a site linked to its iris scanning operations. The country’s Securities and Exchange Commission, collaborating with the Cyber Crime Investigation Bureau, indicated that the service may have breached digital asset regulations by operating without an appropriate license. This incident is part of a larger pattern of regulatory challenges for World, which has encountered investigations in several countries, including Indonesia, Germany, Kenya, and Brazil, raising concerns over licensing and the treatment of sensitive biometric data.
The latest sale and market activity highlight the ongoing volatility and challenges facing the World Foundation and its WLD token, drawing attention to the complexities of operating within the cryptocurrency landscape.
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