Connect with us
DAPA Banner

Crypto World

Worldcoin Prices Dips As Sam Altman’s Trust Crisis Deepens With New SBF Comparison

Published

on

A New Yorker investigation accuses OpenAI CEO Sam Altman of systematic deception, drawing direct comparisons to Sam Bankman-Fried (SBF) and Bernie Madoff from senior Microsoft executives.

Worldcoin (WLD), the crypto project Altman co-founded, fell 2.9% to $0.2432 as the revelations hit social media. The token is down over 10% in the past seven days.

The SBF Shadow Over Sam Altman

The 15,000-word article by Ronan Farrow and Andrew Marantz draws on interviews with over 100 people. An unnamed OpenAI board member described Altman’s behavior in stark terms.

“He has two traits that are almost never seen in the same person. The first is a strong desire to please people, to be liked in any given interaction. The second is almost a sociopathic lack of concern for the consequences that may come from deceiving someone,” wrote The New Yorker, citing an OpenAI Board Member.

Multiple senior Microsoft executives allegedly told the reporters that OpenAI’s CEO had repeatedly misrepresented agreements and reneged on deals.

Advertisement

One said there was a real chance Altman would be remembered alongside Madoff or SBF as a major financial fraud.

Katie Miller amplified the comparison on X (Twitter), arguing that those who worked closest with Altman, including Elon Musk and Anthropic CEO Dario Amodei, consistently flagged him as dishonest.

Elon Musk responded to the story by writing that Altman is “not who you want in charge of superintelligence.”

OpenAI’s Financial Cracks Widen

The exposé lands during an already turbulent period for OpenAI. CFO Sarah Friar reportedly told colleagues the company is not ready for its planned 2026 IPO.

Based on reports, she warned that slowing revenue growth may not sustain spending of over $600 billion on committed servers through 2030.

Altman has responded by excluding Friar from key financial discussions, according to The Information.

Since August 2025, she no longer reports directly to him. This structural shift raises governance questions ahead of what could be one of the largest IPOs in history.

Advertisement

What This Means for Worldcoin

WLD now trades at $0.2432 with a market cap of roughly $790 million. The token faces additional supply pressure from a major cliff unlock on July 23, releasing 52.5% of the total supply.

Worldcoin (WLD) Price Performance
Worldcoin (WLD) Price Performance. Source: Coingecko

Altman’s credibility is not just a corporate governance issue. It directly affects investor confidence in every project tied to his name.

With Worldcoin already near all-time lows, the convergence of founder risk and token dilution creates a challenging environment for holders watching the SBF comparisons gain traction.

The post Worldcoin Prices Dips As Sam Altman’s Trust Crisis Deepens With New SBF Comparison appeared first on BeInCrypto.

Advertisement

Source link

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

South Korea Tightens Crypto Rules with 5-minute Asset Verification Mandate

Published

on

South Korea Tightens Crypto Rules with 5-minute Asset Verification Mandate

South Korea has ordered all crypto exchanges to reconcile their internal ledgers with actual asset holdings every five minutes after an inspection uncovered weaknesses in internal controls.

The directive was announced on Monday by the Financial Services Commission (FSC) after a meeting with top crypto exchanges and the Digital Asset Exchange Alliance (DAXA), during which they discussed the findings of an emergency inspection triggered by the Bithumb payout incident.

The inspection found that three of the country’s five major exchanges were reconciling balances only once every 24 hours, limiting their ability to respond quickly to discrepancies. Systems designed to halt trading during major mismatches were also found to be insufficient, raising concerns about how exchanges would handle large-scale errors.

In February, Bithumb mistakenly distributed 620,000 Bitcoin (BTC) to 249 users during a promotional event. The exchange later announced that it recovered 99.7% of the funds the same day. The remaining 0.3%, 1,788 BTC that had already been sold, was covered using company reserves.

Advertisement

Related: Bithumb seeks to reappoint CEO despite recent controversies: Report

South Korea mandates five-minute asset checks

Under the new measures, exchanges must implement automated ledger-to-wallet reconciliation systems operating on a five-minute cycle. They will also be required to introduce defined criteria for triggering automatic transaction halts in the event of significant discrepancies.

Beyond reconciliation, regulators are pushing for sweeping changes to internal operations. High-risk processes like promotional payouts will require stronger oversight, including third-party cross-checks and multi-level approval systems. Exchanges will also need to separate high-risk accounts and implement automated verification tools for payments.

Top Korean crypto exchanges. Source: CoinGecko

Furthermore, external audits will shift from quarterly to monthly, while disclosures will expand to include detailed asset balances by wallet and ledger.

“The financial authorities and the DAXA plan to complete the rule changes needed to implement the improvement measures within April this year,” the FSC wrote.

Advertisement

Related: South Korean brokerage Korea Investment & Securities eyes Coinone stake: Report

Bithumb delays IPO to post-2028

Last week, Bithumb announced it is now targeting an IPO after 2028, marking another delay from its earlier 2025 plans as it works through restructuring and regulatory pressure. The exchange said it will focus on strengthening accounting policies and internal controls through 2027, following an advisory agreement with Samjong KPMG.

Meanwhile, Naver Financial has also delayed its planned share swap with Dunamu by about three months, now targeting a shareholder vote on Aug. 18 and completion by Sept. 30.

Magazine: South Korea gets rich from crypto… North Korea gets weapons

Advertisement