The recent launch of Worldcoin (WLD) has drawn UK regulatory attention amid community concerns over privacy issues.
Reuters reported that a spokesperson for the Information Commissioner’s Office (ICO) acknowledged the launch of the project and added that the regulatory body would inquire further into its activities.
ICO has yet to respond from CryptoSlate request for comment at time of writing.
Worldcoin, the digital identity project backed by Sam Altman, was launched on July 24 after more than three years of development. The project team stated that it was created to create a new identity and financial network for everyone.
However, members of the crypto community have heavily criticized the reliance on biometrics to verify identities. Worldcoin requires a person to scan their iris through one of their Orbs to confirm they are human.
Criticism pours in for Worldcoin.
One of Worldcoin’s critics was Ethereum co-founder Vitalik Buterin, who wrote that the extensive database of biometric information collected on the Orbs poses a significant security risk.
According to Buterin, Worldcoin has four major issues, including privacy, accessibility, centralization, and security issues.
Chris Blec, a proponent of decentralization, wrote that the crypto project exploited people’s inability “to think critically about why they shouldn’t trade their retinal scan for a few bucks worth of absolute sh*tcoin.”
An American real estate investor, Chris Gammon, also shared this view, proverb people’s “cherished biometrics are the product.”
Meanwhile, on-chain sleuth ZachXBT mention that a black market has sprung up for Worldcoin accounts, with people trading for as little as $1.
WLD price crashes
Worldcoin’s WLD token has crashed more than 25% in the past 24 hours to USD 2.19, according to from CryptoSlate data, after the hype around it started to fade.
have community members interrogated its tokenomics as most of its 10 billion WLD tokens will be unlocked over the next 15 years. The DeFi investor said:
“Worldcoin is another VC-backed project with predatory symbolism.”
A commentator described Worldcoin as a scam project involving sketchy tokenomics and back door deals.
ZachXBT on pointed out that post-launch insider allocations were increased from 20% to 25%.
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