Worldcoin’s WLD token jumped by more than 12% to over $3 the past day after the project scored significant victories in different jurisdictions. Worldcoin is a proof-of-personhood crypto project that has faced scrutiny and controversy worldwide since its launch due to its facial data collection. These challenges have significantly impacted the WLD token, down more than […]
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Worldcoin (WLD) recently faced more regulatory scrutiny after halting its operations in Spain. Its developer, Tools For Humanity (TFH), has agreed to extend the operational pause in the country as part of the ongoing investigation regarding the company’s data collection and processing. Related Reading: BREAKING: Robinhood To Acquire Crypto Exchange Bitstamp In Major Expansion On […]
Worldcoin agrees to suspend activities in Spain until the end of the year or until a resolution is reached by the German data authority in ongoing data protection investigations.
HK's privacy watchdog ordered Worldcoin to delete all collected iris biometric data, citing privacy law violations and lack of transparency.
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The potential partnership comes amid increased regulatory scrutiny for both companies.
Worldcoin seeks partnerships with PayPal and OpenAI amidst regulatory scrutiny, focusing on compliance and strategic expansion.
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In recent months, Sam Altman’s 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 identified discrepancies between Worldcoin’s reported data handling practices and findings from provincial inspections, raising concerns about the storage and deletion of biometric data and potential infringements on user rights. The Ministry of Production, Science, and Technological Innovation of the province of Buenos Aires ordered the indictment of Worldcoin following an investigation by the Provincial Directorate for the Defense of Consumer Rights. Related Reading: Arbitrum’s Massive $107 Million Token Unlock Threatens To Send Price Below $1 The investigation revealed the inclusion of “abusive clauses” in the company’s accession contracts, which were allegedly in violation of the National Consumer Protection Law. Undersecretary Ariel Aguilar, responsible for Commercial Development and Promotion of Investments in the province, expressed concerns about the lack of transparency surrounding Worldcoin’s data processing procedures. Aguilar questioned whether biometric data was being stored or immediately deleted, the existence of databases storing personal data of Argentine users, and the complexity of the contracts and operation of the entire system. The province’s inspections uncovered multiple violations in the adhesion contracts, including the “Terms and Conditions of Use,” “Privacy Notice,” and “Data Consent Form.” Notably, the company failed to display signs indicating the minimum age requirement of 18 for accessing the service, potentially leading to the scanning of the personal data of minors. Contradictions In Worldcoin’s Handling Of Biometric Data Contradictions were also found between the company’s reported use, protection, and storage of biometric data collected from the faces and eyes of Argentine users. It appears that this private information is being stored in Brazil. Additionally, abusive clauses were identified that allowed the company to interrupt the service without providing any repair or refund. The contracts also allegedly forced users to waive collective redress claims and subjected them to foreign laws, specifically those of the Cayman Islands, with disputes to be resolved by arbitration in California, United States, violating Argentina’s Civil and Commercial Code. Worldcoin now faces potential fines of up to 1 billion pesos or $1.2 million. The company had been operating in various cities in Buenos Aires. Worldcoin collected personal biometric data, such as iris and facial scans, in these locations through its Orb technology device. In exchange, users were offered the World App financial application on their phones and received cryptocurrency from Worldcoin’s native token, WLD. Unexpected Upswing Despite facing increasing legal scrutiny in recent months, including the latest development in Argentina, the token associated with the Worldcoin protocol, WLD, has experienced an unexpected surge of 2.6% within the past 24 hours, currently trading at $4.80. However, when examining key metrics, it becomes evident that the overall market correction has impacted WLD. CoinGecko data reveals that WLD’s trading volume in the last 24 hours amounts to $319,113,250, indicating a decrease of 7.10% compared to the previous day. Additionally, WLD has witnessed a significant decline of over 58% from its all-time high of $11.74, reached on March 10. Related Reading: Bitcoin Analyst Set Sight On $79,591: Urges Traders To Be Patient Moreover, the token’s market capitalization has experienced a notable decrease. Since its peak of $1.4 billion recorded on March 17, the market cap has fallen below the billion-dollar level, currently standing at $920 million as of the time of writing. Featured image from Shutterstock, chart from TradingView.com
OpenAI CEO Sam Altman’s identity coin startup Worldcoin’s World App now has more daily users in April than its entire monthly user count to start 2024.
The regulator ordered that Worldcoin cease collecting data from users in the country for 90 days citing a high risk to citizens’ data protection rights.
Worldcoin operates “lawfully in all of the locations in which it is available” and is designed to fully comply with related laws, the firm said.
Sam Altman’s company will have to freeze its operations in Spain for the next three months.
Humanity Protocol claims it offers a less invasive alternative than iris scans, seemingly taking a jab at the popular digital identity project Worldcoin.
Sector tokens jumped 7.7% on average in the past 24 hours, CoinGecko data shows, with Ocean Protocol’s OCEAN and Fetch.AI’s FET rising more than 10%.
The price of Worldcoin’s WLD token has surged 141% in the past seven days as the firm notched a daily active user milestone.
According to the PCPD, any personal data — including information from iris scans — controlled by Worldcoin “must be collected for a lawful purpose.”
According to the verification project, more than five million people — roughly 0.06% of the world’s population — have created Worldcoin accounts.
Amid its ongoing streak of expansions and collaborations, Worldcoin has reportedly rolled back one of its core functions in three markets.
In this week's issue of The Protocol newsletter, we're covering Worldcoin's latest update, airdrop season, the new Bitcoin wallet from Jack Dorsey's company and the "data availability" network Celestia's market-moving plan to plug into Polygon's blockchain development kit.
Worldcoin released a new version of its World ID feature with multiple app integrations.
The grants are supposed to give developers a “focus on building resilient technology and more equitable systems.”
The artist made an NFT of the Worldcoin co-founder and OpenAI CEO for our Most Influential package.
From ChatGPT to Worldcoin, Sam Altman changed everything in 2023.