Worldcoin (WLD) Surges 188%, Providing Relief to Creditors of 3AC and FTX

In a challenging period for creditors of bankrupt investment firms Three Arrows Capital (3AC) and FTX's trading arm Alameda Research, the recent surge in Worldcoin (WLD) has offered a glimmer of hope. The coin, associated with a crypto project co-founded by OpenAI CEO Sam Altman, has soared by a remarkable 188% over the past fourteen days, driven by OpenAI's announcement of the Sora text-to-video application.

Benefits for Three Arrows and Alameda Research

The surge in Worldcoin has significantly benefited the two largest holders, Three Arrows and Alameda Research, both of which faced difficulties during the 2022 crypto market downturn. Three Arrows' liquidator, Teneo, now holds approximately 75 million WLD tokens, valued at around $520 million, while Alameda Research's known addresses possess 25 million tokens worth $173 million.

Impact on Creditors

Thomas Braziel, co-founder of distressed asset investment firm 117 Partners, highlighted the positive impact of Worldcoin's rally on the creditors of both firms. Braziel noted that the rally is particularly beneficial for 3AC, which had lost most of its Bitcoin holdings. Although Alameda's restructuring agreements prioritize funds distribution to customers and other creditors, the rally still provides some relief.

Worldcoin's Unique Approach and Price Retracement

Launched in July, Worldcoin introduces a unique identity verification method using an "orb" device to scan individuals' eyeballs and generate a digital identity known as World ID. Despite a retracement of over 12% in the past 24 hours, settling at a current trading price of $6.42 from its recent all-time high of $7.992, WLD has gained an impressive 147% over the past thirty days.

Optimism and Future Trajectory

Despite the retracement, optimism remains high regarding the ongoing advancements in artificial intelligence driving Worldcoin's upward trajectory. This bullish trend may also support FTX's holdings in Alameda Research and Three Arrows Capital, aiding these companies in navigating their bankruptcy and legal challenges.

WLD’s price correction in the past 24 hours on the daily chart. Source:WLDUSD on TradingView.com

Conclusion：Worldcoin Surge: Creditors' Relief

The recent surge in Worldcoin (WLD), driven by OpenAI's Sora text-to-video application announcement, offers hope to creditors of bankrupt investment firms Three Arrows Capital (3AC) and FTX's trading arm Alameda Research. With WLD soaring 188% in two weeks, Three Arrows and Alameda Research, the largest holders, benefit significantly. This rally provides relief for creditors, especially 3AC, which lost most Bitcoin holdings. Despite a recent 12% retracement, WLD's unique approach and optimism about AI advancements continue to fuel its upward trajectory, potentially aiding these firms amidst bankruptcy and legal challenges.