Worldcoin Faces Data Privacy Breach in Colombia: Will It Affect WLD Coin’s Price?

Worldcoin, a cryptocurrency venture spearheaded by OpenAI’s Sam Altman, is encountering serious legal trouble in Colombia. The nation’s Superintendence of Industry and Commerce (SIC) has initiated formal proceedings against Worldcoin and its partner, Tools for Humanity. The investigation centres on alleged breaches of Colombia’s personal data protection laws.

Focus of the Investigation

Worldcoin operates in 25 Colombian cities, including Bogotá and Medellín, using its Orb device to collect personal data. The SIC’s inquiry is examining whether Worldcoin’s data collection practices violate local privacy regulations. The investigation could lead to significant consequences for Worldcoin, including substantial fines, a suspension of data processing for up to six months, or even the complete shutdown of its operations.

#ATENCIÓN🚨| La SIC formuló pliego de cargos contra WORLDCOIN FOUNDATION y TOOLS FOR HUMANITY CORPORATION por presuntas infracciones al régimen de protección de datos personales. pic.twitter.com/C0Z3XHpik8<br/>— Superintendencia de Industria y Comercio 🇨🇴 (@sicsuper) August 21, 2024/> a

Read more: Worldcoin's Fate Hangs in Balance with EU Privacy Review and Temporary Extended Ban in Spain: Is It The End for Worldcoin?

Global Scrutiny and Challenges

Worldcoin faces ongoing scrutiny beyond Colombia. European authorities have been probing the project for potential breaches of the General Data Protection Regulation (GDPR). In Spain, Worldcoin’s activities are halted until the end of the year. Privacy concerns have also led Hong Kong to ban its data collection efforts, while Portugal previously imposed a three-month suspension. Argentina has filed charges against Worldcoin for violating consumer laws, seeking $1.2 million in fines.

Market Impact on WLD Coin

These legal challenges have affected Worldcoin’s market performance. The Crypto Fear & Greed Index indicates a bearish outlook, with WLD coin struggling to maintain key support levels. The cryptocurrency has fallen below the 20-day EMA at $1.67, the 50-day EMA at $2.08, and the 200-day EMA at $3.42. Currently trading at around $1.71, WLD has seen a slight 8% increase in the last 24 hours but remains below crucial resistance levels. To reverse its decline, WLD must surpass and sustain a position above the 50-day EMA.

Read more: Crypto Detective Exposes Worldcoin Insider Trading Scandal

Worldcoin’s ongoing data privacy issues and regulatory battles are likely to pose further risks to WLD coin’s stability and price. The company’s struggles with global data protection laws and market performance indicate a challenging period ahead.