Colombia’s regulator has begun investigating Worldcoin’s activities

What’s new? Officials of the Colombian Superintendence of Industry and Commerce (SIC), responsible for consumer protection, accused the developer of the blockchain project Worldcoin Tools for Humanity (TFH) of violating the law on personal data protection. Following the proceedings, the regulator may decide to suspend the project for six months, or to immediately and permanently curtail operations related to sensitive data.

Source: X.com

What else is known? The project, co-founded by OpenAI CEO Sam Altman, assigns digital World IDs to users after they undergo an iris scan. It is conducted using proprietary Orb devices at physical Worldcoin offices around the world.

After successfully passing the identification, users also receive WLD native tokens as a gift. According to the project’s website, more than 6,5 million people have already joined the system.

In June of this year, Worldcoin opened 25 offices in seven cities in Colombia, including the capital Bogota. Local officials are not the first to raise concerns about the project’s work. Earlier, regulators in Hong Kong, Spain, and Portugal ordered Worldcoin to stop collecting citizens’ sensitive data following investigations.

Rarimo launches an alternative Worldcoin app for identity verification

RariMe scans your passport via your smartphone to generate a zero-knowledge proof

Read more

At the same time, in March, the Worldcoin team allowed users to store biometric data on their devices. This allowed them to manage the information themselves and delete it if they wanted to.

This month, the Malaysian Applied Research and Development Center under the Ministry of Science, Technology and Innovation began working with Worldcoin. As part of the partnership, Worldcoin may be integrated into the national blockchain infrastructure in the future, as well as receive assistance in the production of Orb.

In July, Worldcoin changed the WLD unlocking schedule for investors and team members, with the cycle extended from three to five years. By 2028, these holder groups will receive a total of 2,38 billion native tokens.

WLD ranks 115th overall cryptocurrency by market capitalization at $644,9 million and is trading at $1,73, adding 8,6% overnight. The weekly gain was 15%, but the asset has lost 53% since the beginning of the year. Overall, the asset has fallen in price by 21% since its launch last July.