$1.2 million fine against Worldcoin (WLD) in Argentina
Argentine regulatory bodies imposed a big fine against the Worldcoin crypto project over alleged abusive clauses in user contracts.
World Coin (WLD) is a popular crypto project in this crypto sector. This project entered the crypto sector with the concept of decentralised human identity verification. OpenAi founder Sam Altman is the founder of WorldCoin and he believes that WorldCoin will help internet users as well as companies in the future to distinguish humans & AI bots easily.
With the help of a device called Orb, the Worldcoin protocol collects users’ biometric details. However, the Worldcoin project team always claimed that they don’t use collected data but protocol will use that data in future under a decentralised environment but many times many experts raised questions over the safety of people’s sensitive data.
Some security experts believe that there are huge chances that a minor hack or any kind of exploit of the WorldCoin protocol will lead to the loss of users’ sensitive data as well as it may lead to huge financial loss.
Since the launch of this crypto project, many government agencies in multiple countries have jumped against this project over the safety concerns of citizens from human identity theft.
The Ministry of Production, Science, and Technological Innovation of the province of Buenos Aires issued an order of indictment against Worldcoin following an investigation by the Provincial Directorate for the Defense of Consumer Rights.
An investigation found that parts of the contracts users sign are unfair or harmful. This means there are clauses in the contracts that might not treat users fairly or could be abusive in some way. So, Argentina is stepping in to address these issues.
Also, investigators found that the company failed to provide any guidance or restriction to users below 18+ age. Allegedly, world coin users collected data stored by the company in Brazil.
Following all the concerns related to the WorldCoin protocol, Worldcoin now faces potential fines of up to 1 billion pesos or $1.2 million.
WLD price action
Despite this bad news, the trade price of WorldCoin (WLD) failed to see any dump.
The current trade price of this cryptocurrency is 5.5% over the last 24 hours.
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