South Korean authorities are initiating an investigation into Worldcoin, the iris-scanning firm founded by Sam Altman, following complaints about the company’s unconventional data collection practices.
The investigation, launched on February 29 by South Korea’s Personal Information Protection Commission, aims to determine if Worldcoin has violated the Personal Information Protection Act. The commission stated that if violations are confirmed, it will take appropriate action in accordance with relevant laws and regulations.
The investigation will focus on the overall collection and processing of sensitive information, as well as the overseas transfer of personal information by Worldcoin. The press release, translated via Google, highlighted that the company and its ‘affiliates’ are allegedly collecting facial and iris data in 10 locations across South Korea.
This isn’t the first time Worldcoin has come under scrutiny. Last year, Kenya launched its own investigation into the company, expressing concerns about its potential impact on the country’s monetary policy, cybersecurity, and the increased risk of fraud and scams.
The UK, France, Argentina and Germany also conducted probes into Worldcoin’s operations in the same year.
In an attempt to improve its public image, Worldcoin announced plans to redesign its iris-scanning orb, making it appear “much more friendly” and resembling “an Apple product.” Despite these efforts, the company continues to face regulatory challenges.
Interestingly, the price of WLD token, has experienced a notable uptick, rising approximately 218% since February. The token’s value surged from $2.20 to $7 today, showcasing investor confidence despite the ongoing investigations and concerns about Worldcoin’s practices.
As South Korea delves into the intricacies of Worldcoin’s data collection methods, the global cryptocurrency community watches closely, curious about the potential implications for the company’s future and the broader regulatory landscape.
The investigation reflects the growing importance of maintaining privacy and adhering to data protection laws in the rapidly evolving world of innovative technologies and digital currencies.