The cryptocurrency project Worldcoin, founded by Sam Altman, CEO of OpenAI, is currently under investigation by the Hong Kong Privacy Commissioner’s Office (PCPD).
As reported by the Hong Kong Economic Times, this inquiry is being conducted under a court warrant and focuses on potential serious risks to personal data privacy within the Worldcoin project.
The investigation also examines possible violations of the Privacy Ordinance, raising significant concerns about the handling of user data and privacy practices. This development has caused a notable impact on Worldcoin’s utility token (WLD), which has seen a sharp decline amidst the unfolding investigation.
Investigation into Worldcoin’s Privacy Practices in Hong Kong
The Privacy Commissioner’s Office of Hong Kong (PCPD) has initiated a significant investigation into the cryptocurrency project Worldcoin, created by Sam Altman, CEO of OpenAI.
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This investigation, as reported by the Hong Kong Economic Times, is being conducted under legal authorization and targets potential risks related to personal data privacy in the Worldcoin initiative. The focus is also on whether there have been breaches of the Privacy Ordinance.
Introduced in Hong Kong last year, Worldcoin presented an innovative approach by offering 25 digital currency units, WLD, to users who undergo iris recognition and complete registration.
The overarching goal of the project is to leverage blockchain technology to develop a system that intertwines digital identity with digital currency. Key aspects of this system include World ID for global identity verification, WorldCoin as the digital currency, and WorldAPP, an electronic wallet that integrates identity recognition with the currency framework.
Privacy Concerns Trigger Action Against Worldcoin in Hong Kong
Worldcoin, despite its burgeoning popularity and links to prominent figures like Sam Altman, has come under scrutiny for potential privacy breaches. This concern has prompted the Hong Kong Privacy Commissioner’s Office to take decisive action.
On Wednesday, the PCPD conducted extensive investigations at six locations across Hong Kong, including Yau Ma Tei, Kwun Tong, Wan Chai, Cyberport, Central, and Causeway Bay.
The Privacy Commissioner’s Office has raised serious concerns about the way Worldcoin operates within Hong Kong, particularly regarding the risks to personal data privacy.
The primary issue lies in the collection and processing of sensitive personal data, which the PCPD fears could violate the Privacy Ordinance. In response to these concerns, the PCPD has proactively initiated this investigation, adhering to standard procedures, in an effort to protect the privacy of the public.
Worldcoin Faces Intense Scrutiny Under Privacy Ordinance in Hong Kong
In enforcing the Privacy Ordinance, the Privacy Commissioner of Hong Kong, Chung Liling, has utilized her authority to execute court warrants for entry into specified premises.
This action is part of the ongoing investigation into Worldcoin, enabling the commissioner to demand essential documents and information from relevant parties. Chung Liling has also issued a public advisory, urging caution regarding involvement with the Worldcoin project.
Amidst these legal and regulatory proceedings, Worldcoin’s utility token, WLD, has seen a notable decline in its market value. The price of WLD currently stands at $2.33, marking a significant drop of 12.94% in the last 24 hours. This downturn in the token’s value, coinciding with the unfolding investigation, poses serious concerns about the future of Worldcoin.