3AC Liquidator Address Holds $550 Million Worth of WLD Tokens from Worldcoin

3 Arrow Capital banner

0xScope reports that the Teneo: 3AC liquidator address (0xC7…3741) holds a substantial amount of 75 million WLD tokens, valued at around US$550 million, making it the asset with the highest net worth. These tokens, akin to those received by the bankrupt Alameda, were obtained from Worldcoin in August 2023, and there has been no activity on them since.

A Big Find

0xScope, a blockchain analytics platform, has uncovered significant holdings of WLD tokens in the Teneo: 3AC liquidator address (0xC7…3741). This address currently possesses a staggering total of 75 million WLD tokens, estimated to be valued at approximately US$550 million. Such a substantial holding marks it as the asset with the highest net worth within the scope of 0xScope’s findings.

These WLD tokens, reminiscent of those received by the now-bankrupt Alameda, were acquired from Worldcoin back in August 2023. Since the acquisition, there has been little to no activity associated with these tokens, leaving them stagnant within the liquidator address.

The Genesis of a Bankruptcy

🏹The 350% pump of $WLD has more impact than people can expect, scopechat data (https://t.co/Zr1T85d6Fb) shows that 3AC (early @worldcoin investors) liquidator may own 75M $WLD ($560M).

This makes the address the 9th largest $WLD holder https://t.co/qlgvggzUyU pic.twitter.com/Mo6XTj5MEi

— 0xScope (@ScopeProtocol) February 19, 2024

This discovery sheds light on the intricate dynamics of token distribution and ownership within the cryptocurrency space. It underscores the importance of transparency and accountability, especially in cases involving significant token holdings and their subsequent management.

In December, a court in the British Virgin Islands froze over $1 billion worth of assets belonging to 3AC co-founders Su Zhu and Kyle Davies. This decision followed their disappearance after a Singapore court sentenced them to imprisonment for failing to comply with a court order. Zhu was later apprehended in Singapore, while Davies’ whereabouts remain unknown.

Creditor Negotiations and Recovery Estimates

Liquidators for 3AC have estimated that creditors could receive up to 46% of their claims through asset sales and distributions. They are currently engaged in negotiations with various creditors, including reaching a $33 million settlement with Genesis on over $1 billion in claims.

While legal proceedings and asset recovery efforts continue, key questions remain unanswered. Davies’ absence and potential legal repercussions, the fate of any unfrozen assets, and the final recovery rate for creditors are all points of ongoing uncertainty. The 3AC bankruptcy continues to be a complex and evolving situation. While some progress has been made in terms of asset recovery and negotiations, significant challenges and unanswered questions persist.

Author: Jinka

Jinka is a self-trained crypto journalist, passionate about happenings in the industry.