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The South Korean Personal Information Protection Commission (PIPC) has initiated a privacy investigation into Sam Altman-led Worldcoin amid concerns over its iris recognition technology and data handling practices.
South Korea Probes Worldcoin Over Privacy Concerns, Company Cooperates
South Korea's PIPC has opened an investigation into Worldcoin (WLD), citing privacy concerns. Coin Gape reported that this move has sparked debate in both the cryptocurrency community and the wider technology sector.
In response to the investigation, Worldcoin, led by Sam Altman, issued a statement welcoming the probe and expressing complete cooperation with the authorities.
The investigation focuses primarily on Worldcoin's use of iris recognition technology. This technology is critical to Worldcoin's mission of separating artificial intelligence (AI) from people and ensuring that basic income is only distributed to individuals.
However, concerns have been raised about collecting and processing sensitive information, particularly regarding compliance with the Personal Information Protection Act and the potential transfer of personal data abroad.
World App User Surge in Korea: Chain Partners Spearhead Adoption with Orb Installation
In recent weeks, there has been a significant increase in the number of users of the “World App,” a Worldcoin wallet, particularly in Korea. This surge coincides with Chain Partners, a domestic blockchain company, acquiring the operation of “Ob,” Worldcoin's iris recognition device.
The surge has been most noticeable in the Yeouido area, where Chain Partners has installed Orb. The increased adoption of the "World App" reflects the growing interest in and use of Worldcoin among Korean users and the broader impact of Chain Partners' involvement in facilitating access to Worldcoin services.
Worldcoin Shows Market Resilience Amid Regulatory Challenges, Posts Impressive Gains
Despite ongoing regulatory scrutiny, Worldcoin's market performance remains impressive. The current price of Worldcoin is $9.85, with a 0.26% change in the last 24 hours. The token's market capitalization currently stands at $1.49 billion, indicating its significant presence in the cryptocurrency market.
Notably, Worldcoin has increased by 166.04% since the start of the year, demonstrating its resilience and growth in the face of an ever-changing regulatory landscape. As the investigation continues and regulatory clarity emerges, investors and industry observers alike will closely monitor Worldcoin's market performance.
Photo: Worldcoin/YouTube Screenshot
