UK Data Watchdog Investigates Worldcoin

The UK Information Commissioner’s Office said yesterday that it needs to investigate OpenAI CEO Sam Altman’s Worldcoin, where users provide their eye data to get a digital ID and free cryptocurrency. 

“We note the launch of Worldcoin in the U.K. and will be making enquiries. Organizations 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 Where they are relying on consent, this needs to be freely given and capable of being withdrawn without detriment”, an ICO spokesperson said.

The goal that Worldcoin is pursuing raises questions about the security of user data. According to ICO, organizations need to pay attention to this matter and consult with agencies if they are engaged in high-risk biometric data processing.

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However, on its website, Worldcoin insists it is fully compliant with all laws and regulations governing biometric data collection and transfer, including Europe’s General Data Protection Regulation (GDPR).

Worldcoin is one of the most searched names in the past few days, which was initiated by Sam Altman, the CEO at OpenAI – the technology company behind chatbot AI ChatGPT that once took the world by storm.

Worldcoin’s core is World ID, which is described by OpenAI as a digital passport to  prove that the owner is a real person, not an AI bot. The project issues cryptocurrency for people who have scanned the retina through a special device called Orb. Worldcoin has attracted 2 million users since the beta phase. In May 2023, Worldcoin announced to raise $115 million from many large funds, and at the same time launched the World App application.

Worldcoin recently officially launched WLD Token and simultaneously listed on many exchanges, including Binance. Soon after, WLD price quickly skyrocketed thousands of percent, from $0.15 to the peak of $5.29.

After the news of being investigated by the UK, WLD fell slightly to $1.85 and is trading around $2.48.