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The Worldcoin Foundation, along with its partner Tools For Humanity, was fined 1.1 billion Korean won, which is about $829,000.
This penalty comes from the country’s Personal Information Protection Commission (PIPC). It oversees laws designed to keep people’s personal information safe. Let’s explore more about this important news for Worldcoin.
$829,000 Fine Comes as Wld Token Value Rises
On September 25th, during a meeting, the PIPC announced the fine after a detailed investigation. The investigation started back in February when the commission received complaints about Worldcoin’s practices. People were worried that Worldcoin might be collecting sensitive biometric information, like fingerprints or facial data, in exchange for cryptocurrency. This raised red flags because South Korea takes privacy very seriously.
Even though the fine is significant, the news hasn’t completely dampened the spirits of Worldcoin supporters. Surprisingly, the price of Worldcoin’s token, called WLD, has jumped by 35% this week. It rose from $1.60 on September 19 to $2.16 on September 26. This increase shows that many investors still believe in Worldcoin’s potential despite the legal challenges.
The Korean DPA announced it has imposed a fine on Worldcoin for collecting face and iris images through iris scanning to verify their humanness and generate iris codes in violation of PIPA. pic.twitter.com/4IoZqvjiRs
— Luis Montezuma | @luismontezuma@mstdn.social (@montezumachavez) September 26, 2024
The PIPC didn’t just stop at issuing a fine; they also gave Worldcoin some homework. They ordered the company to make improvements and follow specific guidelines to protect users’ information better. This means Worldcoin has to step up its game and ensure it’s not stepping on any toes when it comes to privacy laws.
More About South Korea & Worldcoin
This situation serves as a reminder that while the crypto market can be full of opportunities, it also comes with its share of challenges. Companies like Worldcoin need to play by the rules if they want to succeed.
$WLD hits $2 mark, almost after 60 days with market cap nearing $1 billion, (Currently at $991M).
Now, #Worldcoin launched in 3 more countries; Guatemala, Poland, and Malaysia. #WLD bounced from support at $1.820, surges 15% to $2.10 despite South Korea fines Worldcoin… pic.twitter.com/uM3I1nB1OS
— Coinpedia Markets (@MarketCoinpedia) September 26, 2024
So, what does this all mean for the average person? For now, it’s a lesson in the importance of personal information protection. If you’re using or thinking about using new tech like Worldcoin, it’s essential to know how your information is handled.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
The post South Korea Fines Worldcoin for Privacy Violations appeared first on Altcoin Buzz.
Nermeen Nabil Khear