Date: Wed, Oct 09, 2024, 08:15 AM GMT
Alameda Research, once a powerful name in the crypto world, has been making headlines again – this time for regularly selling off large amounts of Worldcoin (WLD) on Binance. According to Spotonchain reports, Alameda has been depositing $265,000 worth of WLD (around 143,770 tokens) weekly for the past two months.
Since August 9, Alameda has sold a total of 1.56 million WLD, valued at around $2.51 million, in 10 separate batches on Binance. With an average selling price of $1.605 per token, the company still holds approximately 23.44 million WLD, worth about $43 million. If Alameda continues at this pace, it could take over three years to fully liquidate its remaining holdings.
The steady sell-off is believed to be part of Alameda’s effort to gather liquidity to repay creditors after FTX, the cryptocurrency exchange co-founded by Sam Bankman-Fried, collapsed last year. The court recently approved FTX’s plan to repay $16.5 billion to its customers, further intensifying Alameda’s need to offload assets.
Despite Alameda’s consistent WLD sell-off, the token’s price has risen by 31% over the past 30 days, currently trading at $1.86.
However, investors remain cautious, keeping a close watch on the company’s substantial remaining WLD reserves.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.