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Since entering the cryptocurrency markets, the popular altcoin that has been the subject of controversy has started to rapidly decline with the latest resignation news. News-driven price movements in altcoins can result in much larger volatilities. The medium and long-term performance of the altcoin may also be negatively affected following the resignation.
Why is WLD Coin Dropping?
OpenAI CEO, Sam Altman, has resigned. For those wondering about the connection with WLD Coin, it should be noted that WorldCoin is the same as WLD Coin. Some investors were interested in WLD Coin because it was launched by the CEO of OpenAI, the biggest player in the world of artificial intelligence. Now that he has resigned, WLD Coin and OpenAI will not be mentioned together, and the drop in price is quite logical.
The WLD Coin project, which is already facing regulatory issues in many countries, provides people with digital identities by scanning their eyes. It also rewards them with WLD Coin. However, authorities in each country do not find it logical for their citizens’ retinas to be scanned. Various investigations are being opened as this could lead to serious security risks and data breaches. While regulatory risks pose an obvious risk of decline in the long term, WLD Coin may now face challenging times with the CEO’s resignation.
Now let’s get to the crucial part. The announcement about his resignation includes the following statements;
“Altman’s departure occurred after a deliberative review process conducted by the board of directors, which concluded that Altman was not consistently transparent in his communications with the board and hindered the board’s ability to fulfill its responsibilities. The board no longer believes that Altman can continue to lead OpenAI.”
