TL; DR
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Last July, Altman launched a Worldcoin Token (WLD), an Ethereum-based token considered a “biometric” cryptocurrency project.
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On news of Altman’s dismissal from OpenAI, as of Friday at 4:30 PM EST, WLD dropped 14% in price, trading at $1.86 and seeing a trading volume of over $141 million in a 24-hour period.
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What’s even crazier: Now that there are rumors that Altman might return, it’s WLD’s turn 22.6% in the last 24 hours.
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If the success of a company (or crypto token) depends on the involvement of one person, the entire operation is at greater risk.
Full story
Founders are removed as CEO by their own board –
Ah, a story as old as time.
Elon Musk was fired from PayPal.
Jack Dorsey was fired from Twitter.
Sam Altman was fired from OpenAI
This looks like a pattern…
What’s so bad about Altmans breaking up with OpenAI?
It affects crypto. And that, our friends, is news.
Wait what…
What does Sam Altman have to do with my crypto assets?
Sam Altman is the founder of OpenAI (think ChatGPT), and more recently Worldcoin.
Last July, Altman launched a Worldcoin Token (WLD), an Ethereum-based token considered a “biometric” cryptocurrency project.
The project’s mission is to combat bots and false identities, in a world where AIs can mimic human behavior better than automated systems can detect them.
Users join the network by scanning their iris with a spherical scanner and receive Worldcoin in return.
On news of Altman’s dismissal from OpenAI, as of Friday at 4:30 PM EST, WLD dropped 14% in price, trading at $1.86 and seeing a trading volume of over $141 million in a 24-hour period.
What’s even crazier: Now that there are rumors that Altman might return, it’s WLD’s turn 22.6% in the last 24 hours.
In any case, this is a good example of ‘key man risk’.
If the success of a company (or crypto token) depends on the involvement of one person, the entire operation is at greater risk.