Bad news came from South Korea for the controversial altcoin Worldcoin, which has been experiencing data breach issues with many countries.
South Korea’s Personal Information Protection Commission (PIPC) announced today that it has fined Worldcoin developer Tools for Humanity 1.1 billion Korean won, or more than $830,000, for violating local privacy laws, The Block reported.
According to PIPC’s statement, the Worldcoin Foundation did not provide sufficient information regarding the purpose of collecting and storing scanned iris data, and also did not provide a Korean translation of the biometric data consent form prior to March 22.
According to the statement, the Worldcoin Foundation was fined 725 million KRW (approximately $546,000) for improperly handling and transferring sensitive information abroad.
Additionally, Tools for Humanity (TFH) was fined KRW 379 million (approximately $285,000) for violating local regulations on the transfer of personal data abroad.
The investigation began in February following complaints and reports that Worldcoin was collecting biometric data without permission to offer cryptocurrency.
TFH said in a press release that it welcomed the decision by South Korean regulators and said it had addressed the weaknesses identified since the start of the investigation.
Worldcoin (WLD) made a breakthrough in the last 24 hours despite the penalty news from South Korea and rose by 15.9%.
*This is not investment advice.
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Source: https://en.bitcoinsistemi.com/south-korea-imposed-a-large-fine-on-this-altcoin-the-price-reacted-reversely-and-started-to-rise/