Worldcoin Faces $1.2 Million Fine In Argentina For Law Violations; WLDs Price Reacts

In recent months, Sam Altmans open-source protocol Worldcoin (WLD) has faced increasing legal challenges as Portugal and Spain cracked down on its biometric data collection practices. Argentina has joined the list, issuing an indictment against Worldcoin after detecting allegedly abusive clauses in user contracts.  Worldcoin Faces Legal Scrutiny In Buenos Aires Buenos Aires authorities have [...]

The post Worldcoin Faces $1.2 Million Fine In Argentina For Law Violations; WLDs Price Reacts appeared first on Crypto Breaking News.

View Details

Kenyan Data Regulator Issues Warning as Residents Rush to Get Worldcoin’s ‘Free Money’

The Kenyan data regulator said it is conducting an “assessment of Worldcoin’s practices to ensure compliance with the law.” The data regulator has urged “increased vigilance” by Kenyans who are signing up to receive Worldcoin’s “free money.” Immaculate Kassait warned of the consequences to token recipients and issuers should the data regulator fail to ensure [...]

The post Kenyan Data Regulator Issues Warning as Residents Rush to Get Worldcoin’s ‘Free Money’ appeared first on Crypto Breaking News.

View Details

Worldcoin Wants to Scan Your Eyes in Exchange for Crypto

Worldcoin, an ambitious crypto project, offers Worldcoin Tokens (WLD) in exchange for iris scans.

The post Worldcoin Wants to Scan Your Eyes in Exchange for Crypto appeared first on BitPinas.

View Details

Spain Blocks Worldcoin Project Over Data Privacy Concerns, WLD Token Slides 7%

The cryptocurrency project Worldcoin, spearheaded by Sam Altman, has faced another setback as Spain takes steps to block the venture. The Spanish data protection regulator, AEPD, has ordered Worldcoin to immediately halt the collection of personal information within the country and cease using the data it has already gathered.  Concerns Over Worldcoin Eyeball-Scanning Data Collection According to a Financial Times report, the AEPD expressed concerns about the project’s use of an eyeball-scanning “orb” to collect customers’ data. The regulator is expected to announce a “precautionary measure” on Wednesday, and Worldcoin has been given 72 hours to demonstrate compliance with the order. Worldcoin, co-founded by Altman in 2019, has offered its cryptocurrency tokens to individuals worldwide in exchange for consent to scan their eyes with an orb. The scans serve as a means of identification, aiming to establish a reliable mechanism to distinguish between humans and machines as artificial intelligence advances.  However, the Spanish regulator’s action adds to a series of setbacks faced by Altman and his co-founders, Max Novendstern and Alex Blania, who have encountered resistance in various countries. Related Reading: Solana DeFi Landscape Thrives With Record $11 Billion Trading Volume Last year, Worldcoin faced opposition from authorities in Kenya, resulting in an order to cease operations. Additionally, the project refrained from launching its crypto tokens in the United States due to the country’s stringent regulations on digital assets.  The report further notes that major global markets such as China and India have also not made the Worldcoin token available. The UK’s Information Commissioner’s Office had also expressed intentions to investigate Worldcoin. Consumer Complaints In Spain While some jurisdictions have questioned the viability of Worldcoin’s cryptocurrency token, Spain’s recent action specifically targets the project’s core objective of establishing a method to verify customers’ “personhood.” Altman acknowledged the possibility of Worldcoin existing without its in-house cryptocurrency, as the start-up faces growing scrutiny. Worldcoin has reportedly registered approximately 4 million users, and investments totaling around $250 million have come from venture capital firms such as Andreessen Horowitz and Khosla Ventures and prominent individuals like Reid Hoffman and Sam Bankman-Fried.  The project gained media attention and sparked consumer complaints in Spain, particularly as queues formed at shopping center stands where Worldcoin offered cryptocurrency in exchange for eye scans. In January, the data protection watchdog in Spain’s Basque Country, known as AVPD, warned about the eye-scanning technology used by Worldcoin in a mall in Bilbao.  The AVPD deemed it subject to biometric data protection rules and called for a risk assessment. As a result of Spain’s regulatory action, the native token of Worldcoin, WLD, has experienced a 7% decline within the past 24 hours. WLD Halts 200% Price Surge  Worldcoin’s native token, WLD, has halted its 200% upward trend over the past 30 days as the focus shifts to Bitcoin (BTC), which recently achieved a new all-time high (ATH) on Tuesday. Despite the significant uptrend in the past month, WLD has experienced a 5.8% price correction in the last seven days. Furthermore, the token’s market capitalization has slipped below the $1 billion mark and currently stands at $997 million. However, the advancements in artificial intelligence (AI) technology developed by Sam Altman’s projects hold the potential to influence the token’s price in the future significantly.  Related Reading: Why Did Bitcoin Price Crash 10% After Reaching $69,000 All-Time High? Despite being down by 26% from its ATH of $9.44, the ongoing technological advancements in this field indicate that the token’s prospects remain promising. Moving forward, it remains to be seen how the project’s founders will respond to the regulatory measures taken in Spain and how these actions will ultimately impact the token’s future price trajectory. Featured image from Shutterstock, chart from TradingView.com

View Details

Worldcoin (WLD) 12% Rally Hits A Snag: Portugal Demands Halt To Biometric Data Collection

In a recent development, Portugal’s data regulator, the National Commission for the Protection of Data, also known as the CNPD, has issued an order to stop Sam Altman’s iris scanning project, Worldcoin, from collecting biometric data for 90 days.  Worldcoins Compliance Under Fire According to a Reuters report, the CNPD’s suspension specifically targets the Worldcoin Foundation, a memberless entity based in the Cayman Islands, described on its website as the sole member and director of World Assets Ltd, a company registered in the British Virgin Islands responsible for issuing Worldcoin tokens to sign-up participants. The CNPD cited an alleged “high risk” to citizens’ data protection rights as the main reason for its urgent intervention. The regulator expressed concerns about the unauthorized collection of data from minors, the lack of information provided to data subjects, and the inability to delete data or withdraw consent.  The halt order also noted that over 300,000 individuals in Portugal had provided their biometric data to Worldcoin, leading to numerous complaints being lodged with the CNPD. Related Reading: XRP Price Prediction: Can Bulls Pump It Again To $0.75 Jannick Preiwisch, the data protection officer at the Worldcoin Foundation, responded to the CNPD’s order by stating that Worldcoin is fully compliant with all laws and regulations about biometric data collection and transfer. Preiwisch emphasized the company’s zero-tolerance policy for underage sign-ups and its commitment to addressing any reported incidents. Worldcoin has recently transitioned to “Personal Custody,” aiming to give users control over their data, including options for deletion and future use. The CNPD’s order to stop data collection is considered temporary, allowing for additional due diligence and analysis of complaints during the ongoing investigation. Privacy Storm Engulfs Worldcoin The Regulatory scrutiny of Worldcoin extends beyond Portugal. As NewsBTC reported, Spain’s data protection watchdog issued a three-month ban earlier this month in response to privacy complaints, and Kenya suspended Worldcoin’s operations in August 2023.  Moreover, the Bavarian State Regulatory Authority, acting as the lead authority in southeastern Germany, is currently investigating Worldcoin under European Union data protection rules due to the presence of a German subsidiary owned by Tools For Humanity, the company behind Worldcoin. As the investigation into Worldcoin’s data collection practices continues, the project faces significant challenges in addressing regulatory concerns and maintaining public trust in its ambitious vision. According to its website, the project claims to have garnered over 4.5 million sign-ups from individuals in 120 countries. Regulatory Hurdles Fail To Dampen WLDs Performance Despite the recent regulatory challenges faced by Worldcoin, the decentralized cryptocurrency has managed to maintain its gains of 12% over the past seven days. After reaching an all-time high (ATH) of $11.95 on March 10, the project’s native token, WLD, experienced a sharp drop to $7.24 but has since recovered. Currently trading at $9.01, WLD has capitalized on the overall market rebound and its seven-day uptrend, surging by almost 9% in the past 24 hours.  The trading volume for WLD in the last 24 hours is $416,136,329, indicating a significant 65.10% increase compared to the previous day, suggesting renewed interest in the token. Related Reading: Crypto Outflows Reach New Record High, Will The Bitcoin Decline Continue? Looking ahead, the $9.5 level is expected to provide the nearest resistance for the WLD token, followed by the $10.14 mark, should the rally continue. On the downside, the $8.36 level is the closest support on the daily chart.  In a potential downtrend, failure to hold this support level could decline toward the $8 mark, with the next significant resistance at $7.93. Featured image from Shutterstock, chart from TradingView.com

View Details

Short-Lived Hype: Worldcoin (WLD) Signups Dwindle Less Than A Week After Launch

Newly-launched project Worldcoin has failed to achieve significant progress as signups for the platform’s ‘Digital ID’ continues to dwindle since launching on July 24.  What Is Wrong With Worldcoin? Controversies surrounding the project and reservations like privacy concerns have brought about skepticism and reluctance to sign up on the platform. As part of the sign-up process, users must scan their iris using “The Orb,” available at designated locations worldwide. Once the user is verified as human, they receive the “World ID” alongside 25 WLD, the project’s native token, worth roughly $60.  Related Reading: Singaporean Judge Declares Crypto Is Personal Property In ByBit Case Many have questioned how safe it is to use “The Orb” and how the project will handle such sensitive data, with prominent figures like Twitter’s former CEO Jack and Ethereum’s co-founder Vitalik Buterin expressing their concerns.  Stark Difference Between Pre-Launch And Post-Launch Figures Worldcoin saw an impressive 2 million sign-ups before the project’s launch. However, there seems to be a stark difference between the pre-launch and post-launch numbers. Hong Kong was one of the cities with the most number of sign-ups. The South China Morning Post reported that the three designated locations in Hong Kong saw a combined total of about 600 sign-ups on the first day.  According to the report, Heather Huang, an operator of one of the Orbs in the city, asserted that the 600 sign-ups accounted for almost half of the total Worldcoin sign-ups on launch day. If 600 sign-ups represent half of the total sign-ups on the first day, that will invariably mean only about 1,200 people signed up on launch day – a not-so-impressive figure compared to how many Worldcoin claims signed up pre-launch. WLD trails $2.2 as skepticism mounts | Source: WLDUSD on TradingView.com Worldcoin’s Co-Founder Reacts In what may be a direct response to the alleged dwindling signups, Worldcoin’s co-founder and Open AI CEO Sam Altman tweeted a video of many users queuing to sign up at what looks like one of the designated locations of “The Orb.”  He posted the video with the caption: Day 3 of @worldcoin launch, crazy lines around the world. one person getting verified every 8 seconds now Many Twitter users were quick to react to the video, with some going as far as to suggest that users who were signing up were simply doing it for the money (the 25 WLD tokens users receive upon sign-up) without being aware of the repercussions. Related Reading: LayerZero Crosses This Significant Milestone, But Is An Airdrop Coming? A particular user (@_whitneywebb) tweeted: “One person is willing to sell their soul every 8 seconds for a shitcoin and a cattle tag. Extreme clown world alert.” Amid the mounting skepticism, WLD’s price has declined 6% to trade at $2.22 at the time of this writing, Coinmarketcap data shows. Featured image from Analytics Insight, chart from TradingView.com

View Details

Worldcoin Founder’s Refusal To Answer Token Distribution Question Sparks Controversy

Worldcoin co-founder Alex Blania’s recent refusal to disclose the token’s distribution model has raised some eyebrows, including that of John Deaton, who has expressed his dismay at his action. Something Fishy With Worldcoin? A video surfaced on Twitter in which Alex Blania, during a recent Bankless interview alongside fellow co-founder Sam Altman, refused to respond [...]

The post Worldcoin Founder’s Refusal To Answer Token Distribution Question Sparks Controversy appeared first on Crypto Breaking News.

View Details

Binance Announces Listing Of Sam Altman’s Worldcoin, Opens Deposits

Binance, the world’s largest cryptocurrency exchange, has now listed Worldcoin (WLD), the much-anticipated digital asset founded by Sam Altman, the CEO of OpenAI. This listing has garnered immense attention from the global crypto community, with investors eager to participate in this new venture. The listing, announced today at 12:00 will include trading pairs such as WLD/BTC, WLD/USDT, and WLD/USDC. Worldcoin (WLD) aims to empower humanity in the Age of AI Worldcoin and revolutionize the digital identity landscape in the era of artificial intelligence. As the project’s service token, the WLD token carries essential governance features. This ambitious endeavor introduces the World ID system, Orb with iris scanner, and World App wallets.  Related Reading: Dogecoin Becomes 8th-Largest Cryptocurrency After Adding $1 Billion To Market Cap Despite privacy and security concerns expressed by experts, Altman is confident that Worldcoin’s open-source AI technology with iris scanning capabilities will alleviate these concerns over time.  Crypto Exchanges Line Up To List Worldcoin’s Newly Launched WLD Token Binance is not the only cryptocurrency exchange to participate in the listing of Worldcoin’s newly launched WLD token. Several other major exchanges, including OKX, Huobi, Bybit, and Gate.io, have also jumped on board to offer trading services for WLD. These listings have given a bullish birth to the newbie token (WLD). The token’s early trading on ByBit saw a remarkable surge, reaching highs of $2.79 within minutes of its debut. With a total token supply of 10 billion tokens, the WLD token’s fully diluted value currently stands at an alarming $25.6 billion. WLD falls from $2.99 to $2.199 | Source: WLDUSDT on TradingView.com Worldcoin’s Ambitious Vision And Support Sam Altman’s mission to provide universal access to cryptocurrency has struck a chord with investors and communities worldwide. The World ID system, authenticated through iris scanning technology called “The Orb,” aims to establish a trustable and reliable global identification system for all individuals. With financial backing of $115 million from its Series C funding round, the project is expected to make significant strides toward achieving its goals. The World ID’s potential to distinguish between real humans and AI-generated entities has caught the attention of Twitter co-founder Jack Dorsey, who is confident in its bright future. Related Reading: Bitcoin (BTC) Address Dormant For More Than 11 Years Moves $31 Million In BTC “At no time should a corporation or state own any part of the global financial system,” Dorsey said in response to a tweet from the Worldcoin Twitter account. As the project gains momentum, its role in reshaping the economy through generative AI, and potentially contributing to the concept of universal basic income, is becoming increasingly apparent. However, whether this will be good or bad remains to be seen. Featured image from CryptoSlate, chart from TradingView.com

View Details

Alameda Researchs Worldcoin Investment Hits All-Time High, Exceeding $50M As WLD Price Climbs

Worldcoin, the digital identity token ERC-20 project on the Ethereum (ETH) blockchain, has garnered significant attention. Its native token, WLD, emerges as the top performer among the top 100 cryptocurrencies by market capitalization.  The token has experienced a remarkable 31% uptrend in just 24 hours and a staggering 217% surge over the past fourteen days. [...]

The post Alameda Researchs Worldcoin Investment Hits All-Time High, Exceeding $50M As WLD Price Climbs appeared first on Crypto Breaking News.

View Details

While Worldcoin Sees a 148% Surge in Unique Addresses, the Top 20 Wallets Command 94% of WLD Supply

Worldcoin’s native cryptocurrency, worldcoin (WLD), has oscillated in value between $2.69 and $2.13 per token throughout the preceding 12 days, peaking at $3.30 per coin on July 24, 2023. The number of individual addresses possessing WLD under Worldcoin’s umbrella has surged by more than 148%, escalating from 164,195 wallets to a figure of 408,721 unique [...]

The post While Worldcoin Sees a 148% Surge in Unique Addresses, the Top 20 Wallets Command 94% of WLD Supply appeared first on Crypto Breaking News.

View Details