Airdrop Army

FTX estate is making moves again, ready to auction 22.3 million locked Worldcoin (WLD) tokens, valued at around $37.7 million. Sources say this sale comes at a sharp discount, somewhere between 40% and 75% off current prices, because the estate needs to raise funds for creditors, fast. The WLD token, which usually floats around $1.69, will be offered to interested bidders, with submissions due by 8 PM ET on Wednesday. Those who made the cut will be notified on Thursday, adding more tension to an already charged situation.

Long Lockup Period Worries Some

FTX’s estate won’t release these tokens all at once, though, because the unlocking process will stretch out until 2028. Starting December 1, 2024, the estate plans to unlock 20,539 WLD tokens per day until July 24, 2026. Then, from July 25, 2026, another batch of 13,689 tokens will unlock daily, until July 2028. This has raised eyebrows among some buyers who feel locked-in tokens are a tricky play, especially with such a long release window.

The drawn-out unlock schedule throws another layer of risk into the mix, and some insiders are skeptical that this could deter high-rollers from diving in. Still, if the discount’s juicy enough, a few risk-hungry funds might take the bait.

Big Fish Like Figure Markets Are Watching

Figure Markets’ CEO Mike Cagney, always ready to pounce on distressed assets, tweeted that they’re eyeing the auction. He suggested the tokens could sell at up to 75% off, so buyers could be sniffing around for a steal. And they’ve done it before—Figure Markets set up a fund for the FTX estate’s Solana auction earlier this year, grabbing cheap tokens on the low.

FTX has been on a fire sale since it imploded, liquidating everything from Solana to Metaplex (MPLX). Big shots like Pantera Capital got in on that action, buying 62.6 million MPLX tokens recently. But even after all that selling, the FTX estate still holds about $594 million in assets, though most of it is in FTT tokens, which nobody wants.