Sam Altman’s crypto project, Worldcoin (WLD), is facing difficulties as the government investigates it over privacy and safety concerns, putting its survival at risk.
Sam Altman’s Worldcoin (WLD) project is under scrutiny and facing crackdowns from government authorities worldwide. The crypto project is also encountering resistance from the crypto industry due to privacy and security concerns.
The ongoing investigations in Europe and recent setbacks in Africa, starting with Kenya, are adding to its challenges.
Worldcoin Crypto Project Suspended in Kenya
On August 2, Kenya suspended Sam Altman’s Worldcoin crypto project due to safety concerns, as reported by local media. This makes Kenya the first country to fully halt Worldcoin’s crypto project activities.
Interior Minister Kithure Kindiki stated that government agencies are conducting inquiries and investigations to determine the legitimacy and legality of Worldcoin’s activities, covering security, financial services, and data protection aspects.
CS Eliud Owalo: We got wind of Worldcoin practices in April and wrote them a letter.
There is no provision in law that the organisation has breached. We'll give a comprehensive statement on this today. #AMLiveNTV @zeynabIsmail pic.twitter.com/4PyIPEWOKy
— NTV Kenya (@ntvkenya) August 2, 2023
High Kenyan Sign-Ups for Worldcoin: Over 350,000 Kenyans have registered for Worldcoin, receiving free WLD tokens worth approximately 7,000 Kenyan shillings ($49.09). The company collects iris scans from Kenyans to create a digital identity card, using specialized stations.
Global Interest in Iris Scanning: People from different countries, including Kenya, Germany, Spain, and France, are visiting registration sites to have their eyes scanned through a spherical device called the “Orb.” This data collection practice has raised concerns among governments and regulators about its implications.
Worries Surrounding Data Collection: The widespread iris scanning has drawn attention and worry from both individuals and AI-based ChatGPT users, raising concerns about privacy and data security. Governments and regulators are keeping a close eye on the company’s data collection practices.
Crypto Experts Sound Alarm on Privacy and Security Risks
The UK’s Information Commissioner’s Office initiated a probe into the Worldcoin project, followed by similar investigations in other European countries. Crypto experts have cautioned the public about multiple issues in the project that could cause harm without any benefits.
Vitalik Buterin, the creator of Ethereum, has expressed worries about privacy and security. He highlighted concerns regarding the Orb’s poor design and the company’s business decisions.
Over the past 24 hours, the WLD price has increased by 3%, currently trading at $2.39. The cryptocurrency’s 24-hour low and high are $2.28 and $2.45, respectively.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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