FTX to Auction 22.3 Million Locked Worldcoin Tokens at a Discount

The bankrupt exchange FTX is set to auction 22.3 million locked Worldcoin (WLD) tokens valued at approximately $36.1 million at a significant discount, according to The Block, citing its own sources.

Bids from interested buyers were accepted until the evening of October 2.

The discount on the current spot price of the asset could range from 40% to 75%. At the time of writing, the token is trading at $1.62. This price is over 86% below the peak recorded in March. However, compared to levels from a year ago, the quotes have barely changed, down just 1.1%.

The batch of tokens being sold will be unlocked annually over approximately three and a half years. Specifically: 

• 20,539 WLD will be unfrozen from December 1, 2024, to July 24, 2026;
• 13,689 WLD from July 25, 2026, to July 24, 2028.

Sources expressed concern over such a lengthy vesting period. 

According to some reports, Figure Markets planned to participate in the auction, aiming for a 75% discount. However, the platform ultimately decided not to bid on WLD due to concerns about the limited number of coins in circulation.

Figure CEO Mike Cagney deleted the relevant post on X, as referenced by The Block.

Previously, the firm participated in FTX auctions for the sale of locked Solana (SOL) tokens amounting to $2.6 billion. In May, Figure acquired a lot of 800,000 SOL at approximately $108 per coin. The current price of the asset is $142.

On October 7, hearings will be held to approve FTX’s reorganization plan, which has been supported by 94.5% of creditors with claims amounting to $6.8 billion.