The UK Information Commissioner’s Office is taking a closer look at the Worldcoin project, founded by ChatGPT’s creator, Sam Altman, which has recently stirred up the crypto market. Launched just a day ago, Worldcoin promises users digital identification and free WLD tokens in exchange for their iris scans. However, concerns over privacy and safety have emerged, prompting the regulator’s scrutiny.
On July 25, A spokesperson for the Information Commissioner’s Office told Reuters, it would investigate Worldcoin’s ambitious crypto venture. Spearheaded by Sam Altman, the project involves implementing the World ID system, the iris-scanner Orb, and the World App wallet. Over two million users have registered for the project, expanding operations to 20 countries.
“We note the launch of WorldCoin in the UK and will be making further enquiries. Organizations also need to have a clear lawful basis to process personal data. Where they are relying on consent, this needs to be freely given and capable of being withdrawn without detriment.”
While Worldcoin continues to gain attention with its unique approach to digital identification, numerous experts have voiced concerns about potential privacy and safety risks. Sam Altman, the co-founder of WLD, remains optimistic, asserting that these concerns will diminish once the company open-sources its code. However, Ethereum creator Vitalik Buterin has also pointed out flaws in the design, privacy, and security aspects, especially concerning the Orb.
Worldcoin Token Faces Volatility On Major Exchanges
The price of Worldcoin’s token, WLD, experienced a significant surge of over 75% following its listing on major crypto exchanges, including Binance, OKX, and Bybit. However, the excitement was short-lived as warnings from crypto experts prompted a correction, causing the WLD price to drop by 43%. Currently trading at $2.02, the token’s price reached a high of $3.58 before the sudden downturn. The 24-hour range spans from $1.92 to $2.92.
Interestingly, Sam Altman disclosed that WLD has no plans to expand into the US market. The decision comes in light of regulatory concerns and a lack of regularity clarity, which the company aims to avoid for the time being.
Worldcoin’s ambitious project has undoubtedly generated significant interest within the crypto community, but it also faces scrutiny from regulatory authorities. As the UK Information Commissioner’s Office investigates the potential risks associated with the WLD project, the crypto world awaits the outcome of this examination.
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