According to DeFi^2 Worldcoin might become the greatest transfer of wealth in the upcoming bull cycle.
The top trader accused the Worldcoin team of plans to manipulate its system and extort the public.
According to the trader, the Worldcoin team designed WLD to have predatory tokenomics.
According to DeFi^2, a ranked trader on Bybit, Worldcoin might become the most significant transfer of wealth in the upcoming bull cycle. In a post on X, the famous trader alleged that the indicated wealth transfer would be from the public to the pockets of the Worldcoin team and insiders, citing the project’s upcoming WLD unlock and vesting program.
Worldcoin realistically might become the greatest transfer of wealth of this entire cycle. Unfortunately, this wealth transfer isn't in the form of universal basic income as their mission suggests, but instead to the pockets of the team and insiders. I’ve posted a bit on it… pic.twitter.com/Gr83mnt3Ms
— DeFi^2 (@DefiSquared) May 13, 2024
In his opening statement, DeFi^2 accused Worldcoin of being a deceptive project with no link to OpenAI as popularly assumed. He accused the Worldcoin team of planning to sell off the project’s native coin, WLD, as unlocks ramp up in the coming months, which would lead to hyperinflation.
According to the trader, WLD is undergoing a 0.6% daily devaluation from grant emissions and operator claims. He noted that the Worldcoin Foundation has announced it will sell $200 million more WLD tokens to trading firms, marking an additional 18% of the circulating supply to sell at a discount.
Meanwhile, the Bybit top trader highlighted that in just 70 days, when VC and team unlocks begin vesting, WLD supply will begin inflating at 4% PER DAY from unlocks and emissions. From his calculations, he disclosed that the process would lead to $50 million a day of nonstop sell pressure on a coin insiders are hoping to cash out at a $60 billion fully diluted valuation (FDV).
Warning his followers, DeFi^2 highlighted that people design coins like WLD to have predatory tokenomics that benefit the team and early investors. He noted that the Foundation intentionally ended the market maker contract, which prevented the price from squeezing higher on a low float in December. He accused the Worldcoin team of engaging in actions similar to Sam Bankman-Fried’s routine by manipulating the system to enrich insiders.
The post Frontline Bybit Trader Accuses Worldcoin Team of System Manipulation appeared first on Coin Edition.
