2024-07-24
Blog Cryptocurrency

WLD, Dogecoin, Sam Bankman-Fried!

These days, nearly every member of the cryptocurrency community has heard of Sam Bankman-Fried and the WorldCoin project. Bankman-Fried, once revered as an exemplary entrepreneur, led the FTX empire, which was the third-largest cryptocurrency exchange in the world. In 2023, WorldCoin eventually launched one of the most controversial crypto projects. Now, some evidence suggests there was a mysterious connection between Sam Bankman-Fried and WorldCoin!

Sam Bankman-Fried made an investment in WorldCoin during the peak of FTX in 2021, and as everyone knows, the giants of the crypto world don’t bet on losing horses. If we examine the situation from various angles, it seems Sam made the right choice. However, the lifespan of FTX wasn’t sufficient for this venture.

Why can’t I be the next Elon Musk?

Consider Elon Musk’s strategy for a moment. You’re the owner of two leading technology companies, Tesla and SpaceX, essentially making a fortune. Tweeting on Twitter, which you later acquired, isn’t a difficult task either. By merely mentioning a token like Dogecoin, you effortlessly create market fluctuations in an industry that’s still maturing. Now, a bunch of meme coins with an excited and oblivious community becomes easy prey for your market maneuvers. On the other side, you’ve founded xAI to lead in the field of artificial intelligence. Thanks to all these endeavors, you’re becoming an increasingly influential figure day by day.

Why couldn’t Sam Bankman-Fried do the same? Managing the third-largest exchange in the world, he was one of the wealthiest people globally, and his extensive lobbying with American politicians is well-known. All it takes here is one investment, and what better option than WorldCoin, which in 2021, was unheard of by many!

Why WorldCoin?

The concept of WorldCoin isn’t just limited to 2023. The company was founded by Sam Altman, who previously played a role in establishing the well-known OpenAI. OpenAI made a remarkable introduction to the world with the artificial intelligence bot, CHATGPT. But let’s return to WorldCoin. This project aims to differentiate human identities from robots in a world increasingly powered by AI. It does this through facial scanning of its users. In the early days of launching its native token, WLD, many users were willing to have their faces scanned in exchange for $10 to $50 worth of tokens. However, WorldCoin’s mechanisms haven’t been well-received by governments, and the project faces significant pressure from legislators.

As mentioned, Sam became one of the early investors in WorldCoin in 2021. It’s a good idea. Market-making and creating price volatility on a token that will launch in the future, and as an exchange owner, you know the path well. On the other hand, you can bribe and lobby politicians to persuade them that WorldCoin is not a dangerous project and become a key figure in it. Secretly selling WorldCoin user data to the black market also makes this process more lucrative. We suggest this last scenario because Sam definitely had the potential for it. For someone who easily sacrificed FTX clients’ assets for personal trades, such an action is not far-fetched.

Sam’s Ship Has Run Aground!

Months after the bankruptcy of FTX and its sister company, Alameda Research, data from the analytical website Scopescan confirms this development. Data from Achain shows an address belonging to Alameda holding 25 million units of WLD. Of the total supply of 10 billion units of this cryptocurrency, only 111 million units have been released into the network as of November 2023. FTX’s share is nearly 20% of the circulating tokens, enough to impact prices significantly. It’s likely that FTX’s tokens will be sold in the coming days and weeks, but imagine if FTX were still operational and voraciously acquiring more. You can guess the immense power that would have been at Sam’s disposal.

In days when major exchanges like Binance were under regulatory pressure, Sam faced no legal problems until FTX’s fall. The man with $22 billion had learned the game well. Buying political representatives and operating in absolute peace! Perhaps if he had controlled his mistakes and, of course, his greed, we might have witnessed a new and frightening business: the buying and selling of digital identities, thanks to WLD!