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Worldcoin’s (WLD<\/a>) recent launch has drawn Britain’s regulatory scrutiny amid community concerns over its privacy issues.<\/p>\n Reuters<\/em> Reported<\/a> that a spokesperson for the Information Commissioner’s Office (ICO) acknowledged the project’s launch, adding that the regulatory body would inquire further about its operations.<\/p>\n ICO has yet to respond to CryptoSlate’s<\/em> request for comment at the time of writing.<\/p>\n Worldcoin Sam Altman<\/a>-backed digital identity project, Launched<\/a> on July 24 after over three years of development. The project’s team stated that it was established to create a new identity and financial network for everyone.<\/p>\n However, crypto community members have heavily criticized<\/a> its reliance on biometric data to verify identities. Worldcoin requires an individual to scan their Iris via one of its Orbs to confirm that they are human.<\/p>\n One of Worldcoin’s critics was Ethereum co-founder Vitalik Buterin who wrote<\/a> that the extensive database of biometric information collected on the Orbs poses a significant security risk.<\/p>\n According to Buterin, Worldcoin has four major problems, which include privacy, accessibility, centralization, and security issues.<\/p>\n Chris Blec, a decentralization advocate, wrote<\/a> that the crypto project was taking advantage of people’s inability “to think critically about why they shouldn’t be exchanging their retina scan for a few dollars worth of absolute sh*tcoin.”<\/p>\n An American real estate investor, Chris Gammon, also shared this view. Saying<\/a> people’s “cherished biometric data is the product.”<\/p>\n Meanwhile, on-chain sleuth ZachXBT stated<\/a> that a black market has emerged for Worldcoin accounts, with people trading for as low as $1.<\/p>\n Worldcoin’s WLD token crashed by more than 25% during the last 24 hours to $2.19, according to CryptoSlate’s<\/em> date<\/a>after the hype surrounding it began to fade.<\/p>\n Community members have questioned<\/a> its tokenomics as most of its 10 billion WLD tokens will be unlocked over the next 15 years. The DeFi Investor said:<\/a><\/p>\n ,Worldcoin is another VC-backed project with predatory <\/span>tokenomics<\/span>,<\/span><\/p>\n<\/blockquote>\n A commentator described<\/a> Worldcoin as a scam project with sketchy tokenomics and backdoor deals.<\/p>\n ZachXBT further pointed out<\/a> that insider allocations were increased to 25% from 20% after its launch.<\/p>\n The post Worldcoin faces regulatory scrutiny amid community backlash over privacy concerns<\/a> appeared first on CryptoSlate<\/a>,<\/p>\nCriticisms poured in for Worldcoin.<\/h2>\n
WLD price crashes<\/h2>\n
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