Worldcoin (WLD) Plunges 11% Lower After OpenAI Removes Sam Altman

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Last Updated on November 18, 2023 by Bitfinsider

Sam Altman will leave OpenAI as CEO effective immediately, OpenAI said on Friday, in a stunning event. The corporation thanked Altman in this statement for his tremendous contributions to their growth throughout his four years as their worldwide head.

But following a thorough investigation by the board of directors, it was determined that the founder of Worldcoin had not been entirely truthful in his communications with the board, which made the board doubt his capacity to carry out his CEO responsibilities.

Chief technical officer of OpenAI, Mira Murati, will take over as acting CEO in the wake of Altman’s departure until a permanent replacement is named.

But as was to be expected, the Worldcoin project has suffered as a result of Altman’s dismissal as OpenAI CEO and the harsh remarks made in the company’s release.

As per the CoinMarketCap data, WLD has experienced a 12.75% decrease in the past 24 hours. The token’s daily trading volume has gained 15.13% while managing to stay afloat in the interim.

With the intention of building the greatest digital identity and financial network, Worldcoin was formally launched in July. Because the idea uses iris-scanning orbs to physically accept new members, privacy, anonymity, and user data protection are raised.

There are presently conjectures over the future course of Worldcoin following Altman’s resignation from OpenAI. Given Altman’s prominence as the CEO of OpenAI, Worldcoin undoubtedly profited from his prominence, as seen by the token’s recent decline.

Remarkably, WLD jumped by more than 25% in October, with many experts attributing the spike to the expectation of the OpenAI developer conference in November.

Therefore, Worldcoin’s reputation and the opinions of the general public of investors may suffer as a result of Altman’s departure from OpenAI. However, despite this additional obstacle, Worldcoin might soon bounce back from its market downturn and reach even greater heights.

Global regulators expressed serious concerns about Worldcoin’s operations, namely with regard to the use of iris scanning orbs for data gathering and the possible exploitation of user data, following the cryptocurrency’s July official launch.

Notably, Worldcoin has been barred from operating in Kenya, and the UK and German governments have launched inquiries into the project’s functioning.

As previously reported in November, the cryptocurrency project has persevered in the face of regulatory obstacles, having achieved a milestone of 4 million app downloads and 1 million active users per month.

WLD is currently trading at $1.97 at the time of writing. The market capitalization of the coin is currently $211.37 million.

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