Regulator To Investigate ChatGPT Founder Sam Altman’s Worldcoin (WLD) Crypto Project

The UK data regulator on Tuesday said it will study the Worldcoin iris biometric project by OpenAI CEO Sam Altman to find risks such as privacy and safety associated with the project. Worldcoin launched on Monday, with major crypto exchanges racing to list the WLD token. The price fell after experts raised concerns regarding Worldcoin and asked the crypto community to avoid buying WLD.

Worldcoin Faces Examination by UK Data Regulator

The UK Information Commissioner’s Office on July 25 revealed that it will examine the Worldcoin project, which aims to provide users with digital identification and free WLD tokens in exchange for their iris scans. A spokesperson for the Information Commissioner’s Office told Reuters:

“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 Where they are relying on consent, this needs to be freely given and capable of being withdrawn without detriment.”

Worldcoin project also includes the World ID system, iris-scanner Orb, and the World App wallet. Two million users have already signed up for the project, and it is expanding its eyeball-scanning operations in 20 countries.

While several experts have raised privacy and safety concerns with the project, Worldcoin co-founder Sam Altman suggests that privacy concerns over the company’s iris-scanning AI will diminish when they open-source code. Ethereum creator Vitalik Buterin also raised concerns over privacy and security, highlighting poor design, privacy, and security concerns around the Orb, and some of the company’s business decisions.

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WLD Token Price Falls

Worldcoin (WLD) token price skyrocketed over 75% after listing on major exchanges such as Binance, OKX, and Bybit. However, the WLD price has now moved into correction after warnings from crypto experts. Interestingly, Sam Altman said Worldcoin is not looking to expand in the US due to regulatory issues and lack of clarity.

WLD price fell 43% after hitting a high of $3.58, with the price currently trading at $2.02. The 24-hour low and high are $1.92 and $2.92, respectively.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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