Worldcoin, the brainchild of OpenAI’s Sam Altman, made its official entrance into the world of cryptocurrencies in July. At first, things went smoothly as the euphoria from the launch grew. But this would only be short-lived because regulators began to pay close attention to Worldcoin’s data collection activities. In the last couple of weeks, regulators in various jurisdictions have brought Worldcoin under a microscope, significantly impacting the price of its native token, WLD.
Regulatory Concerns Engulfs Worldcoin
Not too long after its launch, Ethereum founder Vitalik Buterin first raised alarm about Worldcoin’s technology. According to Buterin, there were major privacy and security concerns, highlighting that user data collected using Worldcoin’s orbs could be prone to abuse.
Following this, reports emerged of some people getting less technologically savvy residents to scan their iris at Kenyan orb locations and then paying them one-third of the 25 WLD token rewards for doi
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