An early investment in Worldcoin by the defunct crypto hedge fund Three Arrows Capital, otherwise known as 3AC, may prove profitable for creditors as the former’s token WLD recently reached a new all-time high (ATH), soaring nearly 200% in the last seven days.
3AC’s crypto portfolio currently holds 75 million WLD coins, making the company one of the largest investors in it.
Three Arrows Capital was among the investors who participated in a funding round in 2021 by Tools For Humanity, the developer behind the iris-scanning project Worldcoin, co-founded by OpenAI CEO Sam Altman.
The funding round raised $25 million at a valuation of $1 billion at the time. Other participants included former FTX CEO Sam Bankman-Fried, Andreessen Horowitz, and Coinbase Ventures.
In an X post on Feb. 19, 3AC founder Su Zu noted that he received heavy criticism for the company’s investment in Worldcoin, adding that the backlash caused seed round investors not to endorse the project on X.
Meanwhile, the 3AC founder praised Worldcoin in 2021, describing it as “one of the most ambitious and uplifting projects” that he has ever seen in the crypto industry.
Got hated on a lot for this worldcoin investment in 2021. i remember the hit pieces on it were so bad most of the seed rd refused to tweet to support it
I wont be benefiting from WLD outperformance but i’m glad 3ac creditors have one of the largest positions in WLD in the world https://t.co/maCxk5otWr
— 朱溯 (@zhusu) February 19, 2024
But with the price of WLD hitting a new ATH, it seems 3AC’s investment in the token may benefit creditors, considering the value of its WLD tokens.
“I won’t be benefiting from WLD outperformance, but I’m glad 3ac creditors have one of the largest positions in WLD in the world.”
According to Arkham Intelligence, Teneo, the liquidator for the bankrupt cryptocurrency hedge fund, holds 75 million WLD tokens worth $540 million, making it the largest valued asset in its portfolio.
At the time of writing, WLD’s price is $7.20, with the token setting a new peak of $7.95 yesterday, based on data by CoinGecko. The price surge comes amid a recent announcement by ChatGPT creator OpenAI, introducing Sora, a text-to-video generation AI model.
Apart from setting a new price ATH, Worldcoin’s wallet World App recorded over one million daily users, a huge leap considering that there were only 100,000 daily users in November 2023.
While Worldcoin seems to be reaching new milestones, the project has not been without controversy since its launch.
Several regulators have raised privacy concerns regarding its operations, with Hong Kong authorities being the latest to investigate it for potential violation of privacy ordinance.
The post 3AC’s Investment in Worldcoin Seems to Pay Off for Creditors appeared first on CryptoPotato.
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