Worldcoin crypto, co-founded by Sam Altman, saw a drastic crash on 18 November after he was fired as OpenAi CEO in a dramatic move. The token crashed as much as 12% to $1.91 following the news.
Sam Altman’s crypto project raised $115 million in May through a Series C funding round that was led by Blockchain Capital.
In July, Sam Altman launched the eyeball-scanning cryptocurrency startup ‘Worldcoin, ‘ which would help build a reliable solution for distinguishing humans from AI online, enabling global democratic processes and drastically increasing economic opportunity.
Sam Altman had said, “If successful, we believe Worldcoin could drastically increase economic opportunity, scale a reliable solution for distinguishing humans from AI online while preserving privacy, enable global democratic processes, and eventually show a potential path to AI-funded UBI.”
The token consists of a privacy-preserving digital identity that is known as World ID, and laws allow a digital currency to be received simply for being human.
The Worldcoin’s application has over 4 million downloads, and its active users have doubled worldwide.
On the other hand, Sam was fired as CEO of OpenAI, stating “no longer has confidence in his ability to continue leading OpenAI.”
Altman’s sudden departure followed a deliberative review process by the board that concluded that Sam Altman was not consistently candid in his communications with the board and stated that he was hindering the board’s ability to exercise its responsibilities.