Regulator To Investigate ChatGPT Founder Sam Altman’s Worldcoin (WLD) Crypto Project

Varinder Singh
July 25, 2023
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Worldcoin Price Slips 5% As Kenya Rejects US Plea to Maintain Suspension

The UK data regulator on Tuesday said it will study the Worldcoin iris biometric project by OpenAI CEO Sam Altman to find risks such as privacy and safety associated with the project. Worldcoin launched on Monday, with major crypto exchanges racing to list the WLD token. The price fell after experts raised concerns regarding Worldcoin and asked the crypto community to avoid buying WLD.

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Worldcoin Faces Examination by UK Data Regulator

The UK Information Commissioner’s Office on July 25 revealed that it will examine the Worldcoin project, which aims to provide users with digital identification and free WLD tokens in exchange for their iris scans. A spokesperson for the Information Commissioner’s Office told Reuters:

“We note the launch of WorldCoin in the UK and will be making further enquiries. Organizations also need to have a clear lawful basis to process personal data. Where they are relying on consent, this needs to be freely given and capable of being withdrawn without detriment.”

Worldcoin project also includes the World ID system, iris-scanner Orb, and the World App wallet. Two million users have already signed up for the project, and it is expanding its eyeball-scanning operations in 20 countries.

While several experts have raised privacy and safety concerns with the project, Worldcoin co-founder Sam Altman suggests that privacy concerns over the company’s iris-scanning AI will diminish when they open-source code. Ethereum creator Vitalik Buterin also raised concerns over privacy and security, highlighting poor design, privacy, and security concerns around the Orb, and some of the company’s business decisions.

Also Read: Elon Musk Discloses Why Rebranding Twitter To X Is Crucial & Impact Of Shiba Inu Dog

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WLD Token Price Falls

Worldcoin (WLD) token price skyrocketed over 75% after listing on major exchanges such as Binance, OKX, and Bybit. However, the WLD price has now moved into correction after warnings from crypto experts. Interestingly, Sam Altman said Worldcoin is not looking to expand in the US due to regulatory issues and lack of clarity.

WLD price fell 43% after hitting a high of $3.58, with the price currently trading at $2.02. The 24-hour low and high are $1.92 and $2.92, respectively.

Also Read: Binance Japan To Launch In August, Says CEO CZ

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.