Eyeball-scanning human identification project Worldcoin faces allegations of price manipulation and scam a day after the project delayed unlocking 80% of its native token.
- WBOYOriginal
- 2024-07-18 09:54:25306browse
On July 16, Worldcoin developer Tools for Humanity (TFH) announced changes to its native token unlock schedule.
Human identification project Worldcoin, which scans users’ eyeballs to create a digital identity, has seen its native token increase by 68% in two days following an announcement regarding the project’s token unlock schedule.
A day after the announcement, WLD prices showed a 68% increase in just two days, making it one of the top gainers, according to crypto data tracker CoinGecko. WLD pumped from $1.90 on July 15 to $2.81 on July 16. The token’s price increased further on July 17 to $3.20 before correcting to $3.11.
On the other hand, several members of the crypto community have accused Worldcoin of manipulating the price of its token and engaging in a scam.
Some community members took to Twitter to express their concerns, with one user commenting that the project “failed” and another alleging that Worldcoin is a “complete scam.”
“Worldcoin failed. They delayed unlocking 80% of their tokens for another 4 years to manipulate the price and keep investors,” one user wrote.
“Worldcoin is a complete scam. They promised to give everyone 1 WLD for scanning. But they burned 99% of the tokens and gave themselves 70% of the remaining tokens. They are now manipulating the price by delaying the unlock of 80% of the tokens,” another user alleged.
Worldcoin is a project that aims to create a universal digital identity by scanning users’ eyeballs. The project launched its native token, WLD, in 2022.
The organization behind Worldcoin, Tools for Humanity (TFH), announced on July 16 that it will be making changes to the unlock schedule for 80% of its native token.
The tokens were initially set to be unlocked over three years, but the new update pushes the unlock to over five years, beginning on July 24.
With this, WLD tokens will be unlocked progressively in the next four years, concluding in July 2028, according to the announcement.
The move comes after the project faced criticism from some members of the crypto community for its tokenomics.
Some community members have accused Worldcoin of delaying the unlock of 80% of its tokens to manipulate the price and keep investors.
Others have alleged that the project burned 99% of the tokens and gave themselves 70% of the remaining tokens, a claim that has been disputed by Worldcoin.
The project has also been accused of engaging in a scam by promising to give everyone one WLD for scanning but failing to deliver on that promise.
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