Sam Altman Shares Crazy Rush for Worldcoin, Jack Dorsey Displeased

Bhushan Akolkar
July 27, 2023
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.
Crypto Sleuth Unmasks Worldcoin Insider Trading Scandal Ahead Token Unlock

It’s been three days since OpenAI chief Sam Altman unveiled the Worldcoin project to the world. Worldcoin is a unique cryptocurrency initiative that utilizes an “orb” device to scan people’s eyeballs, creating their digital identities. This process generates a special “world ID” or “proof of personhood” for the individual.

In a tweet on Wednesday, July 26, Sam Altman shared that the World project has received a massive response and that there are huge lines by enthusiasts to get their digital identities.

However, Worldcoin has been in controversies and several industry players have criticized the project. Many believe that the project uses deceptive practices to collect more personal data from users. Several crypto industry proponents have called this project to be against the ethos of decentralization. Responding to Sam Altman’s tweet on Wednesday, Twitter founder Jack Dorsey showed displeasure over the development.

Worldcoin Project Bashed By Crypto Players

Earlier this week, Ethereum co-founder Vitalik Buterin expressed concerns about the possible abuses of the system and the privacy risks involved. Also, others have raised concerns over the possibility of exploiting user data.

Popular crypto influencer ZachXBT noted: “Most alarming to me is how the WorldCoin team has boasted about how many users they have. When in reality they have been exploiting people in developing countries”.

On Tuesday, the UK data watchdog also expressed concerns and said that they would be launching an inquiry to investigate the Worldcoin project. “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,” said a spokesperson of the UK Information Commissioner’s Office.

Worldcoin’s native crypto WLD swung into a strong rally on the day of the launch. The Worldcoin (WLD) price, however, has retraced since and is currently trading 9% down at $2.32.

Advertisement
coingape google news coingape google news
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.

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
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
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.