The bankrupt assets of FTX are preparing to sell $38 million worth of locked Worldcoin (WLD) tokens at a discount, taking another important step in their recovery. The aim of the sale is to raise funds to pay debts to creditors of FTX in bankruptcy. The 22.3 million locked WLD tokens to be auctioned have a current market capitalization of approximately $37.7 million and are expected to be sold at a 40% to 75% discount to the spot price of $1.69. This could represent a great opportunity for investors interested in acquiring the tokens.

Sale Process and Terms

The sale process is moving quite fast. Interested investors have to submit their bids by 20:00 on Wednesday and accepted bids will be announced on Thursday. The WLD tokens to be offered in the sale will be gradually unlocked until 2028. The details of the lock-up process are as follows: 20,539 WLD tokens will be released daily between December 1, 2024 and July 24, 2026, and 13,689 WLD tokens will be released daily between July 25, 2026 and July 24, 2028.

These long lock-up periods may be a cause for concern for some investors, but this could also put upward pressure on the price due to limited supply. Such large discounted sales could be of interest to big players, especially in the crypto market. Mike Cagney, CEO of Figure Markets, said that the sale could be at a discount of up to 75% and that tokens will be gradually released during the lock-up period.