Hong Kong Privacy Commissioner Launches Investigation into Worldcoin Over Privacy Concerns

The Hong Kong Privacy Commissioner's Office (PCPD) has initiated an investigation into Worldcoin, a cryptocurrency project founded by Sam Altman, who is also the CEO of OpenAI, the parent company of ChatGPT. The investigation, conducted under a court warrant, focuses on potential serious personal data privacy risks associated with Worldcoin and potential violations of the Privacy Ordinance.

Worldcoin Project Overview:

• Worldcoin, introduced in Hong Kong last year, offers users 25 digital currency WLD upon completing iris recognition and registration.
• The project aims to utilize blockchain technology to establish a digital identity and digital currency entity system, including global identity (World ID), world currency (WorldCoin), and an electronic wallet (WorldAPP) connecting identity recognition and currency.

Privacy Breach Concerns:

• Despite its popularity and association with industry figures like Sam Altman, concerns about privacy breaches have prompted the Hong Kong Privacy Commissioner to take action on Worldcoin.
• The Privacy Commissioner's Office is particularly concerned about the collection and processing of sensitive personal data by Worldcoin, potentially violating the Privacy Ordinance.

Investigation Details:

• The PCPD entered six premises in various locations to conduct thorough investigations, including Yau Ma Tei, Kwun Tong, Wan Chai, Cyberport, Central, and Causeway Bay.
• The Privacy Commissioner exercised powers under the Privacy Ordinance, utilizing court warrants to compel relevant parties to provide documents and information crucial to the investigation.

Privacy Commissioner's Warning:

• Privacy Commissioner for Personal Data Chung Liling has urged the public to exercise caution regarding the Worldcoin project.
• The investigation is proactive in safeguarding public privacy and ensuring compliance with privacy regulations.

Impact on Worldcoin Token (WLD):

• Simultaneously, the utility token of Worldcoin, WLD, has experienced a significant drop in value, standing at $2.33 with a 12.94% decrease in the last 24 hours.
• The investigation's impact on the token's value raises questions about the project's future and potential implications for investors and users.

The investigation highlights the growing importance of privacy considerations in cryptocurrency projects and the potential regulatory challenges they may face.