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ZachXBT called Worldcoin (WLD) "the largest fraudulent bullrun token." The on-chain researcher referred to a report published by DefiSquared, which claims about the manipulation of the team.
At the time of writing, project representatives have not responded to the allegations.
The statement was made a few days before the release of WLD insiders (July 24).
According to DefiSquared, the volume of available supply remains at 2.7% — 276 million WLDS with a total value of 10 billion. This is one of the lowest ratios ever seen for a major cryptocurrency project backed by venture funds. For this reason, analysts have concerns about asset inflation.
The researchers gave several examples that cast a shadow on the behavior of the Worldcoin team:
* implementation of a price suppression formula for market makers;
* sudden cancellation of the quotation control mechanism, which led to their jump;
* publicly denying involvement in the creation of such a tool, despite evidence to the contrary;
* maintaining an extremely low volume of available supply under the pretext of fairness.
One of the most troubling points in the report is the identification of unexpected victims in this alleged scheme. According to DefiSquared, a significant part of WLD holders are Korean retail investors, many of whom may not fully understand the risks due to the language barrier.
Insider suspicions
The study also points to the possibility of insider trading: suspicious price movements occur just before important announcements. Such a picture raises questions about the ethical standards of the Worldcoin team and its associated venture capitalists.
As confirmation of the latter hypothesis, analysts cited the token's reaction to information about the extension of the block period for investors, Tools for Humanity developers and early project participants from three to five years.
On that day, the price jumped by 34% at the moment, but the increase was observed before the data was announced.
Four-hour WLD/USDT chart showing insider trading concerns. Data: DefiSquared.
ZachXBT agreed with DefiSquared's conclusions.
"Shame on all the venture capitalists and team members who are complicit in the biggest token scam and did nothing to prevent it," he wrote.
Earlier, ZachXBT revealed the laundering of more than $35 million received as a result of the May hacking of the DMM Bitcoin cryptocurrency exchange, through the Cambodian online marketplace Huione Guarantee.
Recall that in July, Tools for Humanity, the company behind Worldcoin, hired four high-ranking ex-employees of Apple, Google, Meta, Tesla and X.
The Worldcoin Foundation team has also launched a pre - release version of the World Chain L2 solution for developers.
At the time of writing, project representatives have not responded to the allegations.
The statement was made a few days before the release of WLD insiders (July 24).
According to DefiSquared, the volume of available supply remains at 2.7% — 276 million WLDS with a total value of 10 billion. This is one of the lowest ratios ever seen for a major cryptocurrency project backed by venture funds. For this reason, analysts have concerns about asset inflation.
The researchers gave several examples that cast a shadow on the behavior of the Worldcoin team:
* implementation of a price suppression formula for market makers;
* sudden cancellation of the quotation control mechanism, which led to their jump;
* publicly denying involvement in the creation of such a tool, despite evidence to the contrary;
* maintaining an extremely low volume of available supply under the pretext of fairness.
One of the most troubling points in the report is the identification of unexpected victims in this alleged scheme. According to DefiSquared, a significant part of WLD holders are Korean retail investors, many of whom may not fully understand the risks due to the language barrier.
Insider suspicions
The study also points to the possibility of insider trading: suspicious price movements occur just before important announcements. Such a picture raises questions about the ethical standards of the Worldcoin team and its associated venture capitalists.
As confirmation of the latter hypothesis, analysts cited the token's reaction to information about the extension of the block period for investors, Tools for Humanity developers and early project participants from three to five years.
On that day, the price jumped by 34% at the moment, but the increase was observed before the data was announced.
Four-hour WLD/USDT chart showing insider trading concerns. Data: DefiSquared.
ZachXBT agreed with DefiSquared's conclusions.
"Shame on all the venture capitalists and team members who are complicit in the biggest token scam and did nothing to prevent it," he wrote.
Earlier, ZachXBT revealed the laundering of more than $35 million received as a result of the May hacking of the DMM Bitcoin cryptocurrency exchange, through the Cambodian online marketplace Huione Guarantee.
Recall that in July, Tools for Humanity, the company behind Worldcoin, hired four high-ranking ex-employees of Apple, Google, Meta, Tesla and X.
The Worldcoin Foundation team has also launched a pre - release version of the World Chain L2 solution for developers.
