Crypto
Spain Bans Sam Altman’s Worldcoin Amid Data Collection Concerns
Topline
Spain has banned Worldcoin, a digital ID cryptocurrency venture launched by OpenAI chief executive Sam Altman, after the countryâs privacy watchdog cited concerns over how the companyâs eyeball-scanning technology collects and processes biometric data.
Key Facts
The Spanish Data Protection Agency (AEPD) issued a precautionary measure Wednesday that prohibits Worldcoinâs activities in the country for up to three months, after the agency received âseveral complaintsâ about alleged insufficient information, the collection of data from minors and concerns that consent canât be withdrawn.
Worldcoinâs World ID requires users to scan their eyeballs through âorbs,â a device that captures an image of the userâs irises, before they receive a unique form of identification and the Worldcoin cryptocurrency.
AEPD requested Tools for Humanity, the company that collects and processes usersâ personal data, to cease collecting additional data for new users in the country and stop using the data already gathered by Worldcoin.
Processing biometric data requires âspecial protectionâ because of âhigh risks to the rights of individuals,â including possible data transfers to third parties, the agency said.
Jannick Preiwisch, Worldcoinâs data protection officer, said in a statement to Forbes the Spanish agency was âcircumventing EU lawâ while spreading âinaccurate and misleading claimsâ about the company, which added its World ID was âthe most privacy-preserving and safest solution for asserting humanness in the age of AI.â
What To Watch For
Preiwisch noted Worldcoin has been communicating with data protection officials in Bavaria, the region of Germany where Tools for Humanity is located. Michael Will, president of Bavariaâs data watchdog, told Reuters discussions with Worldcoin would result in a âfinal evaluationâ for other European agencies âvery soon.â
Big Number
4 million. Thatâs how many people across 120 countries have signed up to have their eyes scanned through Worldcoinâs âorb,â according to the company.
Key Background
Worldcoin, a cryptocurrency and digital ID project, launched last year following a yearslong development process. The project aimed at resolving issues presented by developments in artificial intelligence, including challenges verifying someoneâs identity. Worldcoin provides users with a unique digital identity after their eyes are scanned by a silver orb. Prospective users were incentivized to join the project through the Worldcoin cryptocurrency token, which becomes available to new users. Worldcoin has suffered from technical issues since its launch, with some users saying they were unable to claim their tokens after their eyes were scanned. One Kenya-based operator told Forbes that Worldcoin failed to respond to hundreds of complaints after its network went offline less than two weeks after its launch. Some users also managed to trick the orb into creating multiple Worldcoin accounts for the same person.
Further Reading
What Is Worldcoin? Hereâs What To Know About The Eyeball-Scanning Crypto Project Launched By OpenAIâs Sam Altman (Forbes)
Sam Altmanâs Worldcoin Soars After Launch Of OpenAIâs âSoraâ Video Tool (Forbes)
Crypto
Why Elon Musk wants to bring crypto to X
Since Elon Musk bought Twitter and rebranded it to X, the 52-year-old has perpetually been at the centre of the news cycle for his various business decisions.
From removing the verified feature to banning the term “cisgender” on the platform, he’s been an interesting owner of the social media platform.
Musk has previously stated his desire to have X become an “everything app”, but what does this mean? And where does cryptocurrency fit into this plan?
X payments chief information security officer, Christopher Stanley, recently wrote on the platform: “The end goal is if you ever have any incentive to take money out of our system, then we have failed, you shouldn’t ever need to take money out because you should be able to do anything you need on our platform.”
Stanley made the post after X acquired money-transmitter licenses in some US states, allowing the app to facilitate US dollar and crypto payments.
“Think Venmo at first,” Stanley wrote. “Then, as things evolve, you can gain interest, buy products, eventually use it to buy things in stores (think Apple Pay), etc.”
Since Musk took over the platform, there has been speculation on whether he would try to integrate cryptocurrency into the platform and it appears the answer is yes.
Musk has offered a few reasons for this.
To begin with, if X wants to incorporate the use of money on its platform, Musk wants this to include cryptocurrency, rather than just flat money, like US dollars.
In October, Musk said: “If it involves money. It’ll be on our platform. Money or securities or whatever.”
Musk has also stated that he wants X to become an “updated version” of PayPal, although PayPal already supports cryptocurrency, rolling out support for bitcoin, ethereum, lite coin and bitcoin cash in 2020.
The CEO of Tesla also recently made it possible to purchase Tesla vehicles with the cryptocurrency Dogecoin, and in America it’s possible to buy a Tesla with bitcoin, so it makes sense that he would incorporate his other products to support crypto.
Additionally, Musk has helped surge the price of Dogecoin, alongside other cryptocurrencies, since he teased crypto integration.
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Crypto
Shiba Inu's Burn Rate Soars, Cathie Wood Believes Ethereum Could Catch Up To Bitcoin And More: Top Crypto Updates This Week
The week was a rollercoaster ride in the world of cryptocurrency. From Shiba Inu’s skyrocketing burn rate to the rising concerns about overvaluation in the crypto market, there was no shortage of action. Meme coins continued to make waves, with Pepe and Dogecoin gaining traction. Meanwhile, Cathie Wood of Ark Invest made a bold prediction about Ethereum. Here’s a recap of the top stories.
Shiba Inu Burn Rate Skyrockets – Shiba Inu SHIB/USD is back in the spotlight with a significant increase in burn rates and wallet movements. Data from Shibburn revealed a 2,211.9% spike in burn rate in the past 24 hours, with a single transaction burning 1.8 million SHIB coins. Read the full article here.
Crypto Greed Peaks, But Prices Don’t – Twitter personality WazzCrypto expressed concerns about the current state of the cryptocurrency market. He highlighted the prevalence of overvaluation, with many new projects launching with valuations exceeding $10 billion. He also discussed the impact of memes on market sentiment and the influx of new money into the cryptocurrency space. Read the full article here.
See Also: ‘Dogecoin Killer’ Shiba Inu Burn Rate Drops Over Last 24 Hours, Mirrors Decline In Price
Pepe May Flip Shiba Inu and Dogecoin – Pepe PEPE/USD has generated significant gains over the past seven days, prompting analysts to foresee further bullish price action. Meme coin analyst and trader Murad believes that Pepe, a “cult community with more than 10 million unique memes,” could flip Shiba Inu and Dogecoin. Read the full article here.
Memecoins Fueling Mass Adoption Of Base’s L2 Network – Jesse Pollak, the creator of Base of Coinbase, attributed the burgeoning adoption of the layer-2 network to the rise of memecoins. He emphasized the influence of memecoins in integrating a significant number of users into the Base ecosystem. Read the full article here.
Cathie Wood’s Ethereum Prediction – Cathie Wood of Ark Invest believes that Ethereum ETH/USD could catch up to Bitcoin BTC/USD and provide investors with huge profits in the coming years. She predicts that Ethereum could reach a market capitalization of $20 trillion by 2032. Read the full article here.
Read Next: Meme Coins Are ‘A Pure Ponzi’ And ‘Destroying Crypto,’ Says Trader Who Thinks Dogecoin Was Different
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Crypto
Ace Exchange Founders Face 20-Year Sentence in Fraud Case
The Taipei District Prosecutors’ Office of Taiwan’s cryptocurrency sector has indicted 32 people on fraud and money laundering charges. This cluster includes individuals like JackIssue founder David Pan and his associate, Lin Keng-hong, who is involved in Ace Exchange. The prosecutors are suggesting a 20-year jail term for the four principal suspects, a crucial milestone in this continuing court case.
Taipei Police Raid Ace Exchange, Arrest 15
The indictments outline a sophisticated fraud that left over 1,200 investors misled and losses currently estimated at almost 800 million New Taiwan dollars ($24.56 million). This amount is far above the original estimates, which were only 340 million NT$ ($10.6 million). One of the most important figures indicted is Wang Chen-huan, a well-known lawyer and the chairman of Ace Exchange, who would potentially face 12 years of imprisonment if found guilty. His participation as a legal consultant provided a sense of legitimacy to the false actions.
Taipei City Police apprehended David Pan and 14 others in January 2024 after a detailed investigation. The raid hit several places, including the principal office of Ace Exchange. The probes found connections with a fake crypto wallet service, known as “Alfred” or “Afu wallet,” and associated cryptocurrency cards.
Ace Exchange Denies Ties to Founder Pan
In 2019, the suspects actively promoted a number of token investments, among them NFTC tokens and bitnature coins, and issued devious white papers and promotional materials. They aimed to make Ace Exchange the top blockchain ecosystem for crypto trading in Asia. Nevertheless, the reality for investors was far more harrowing, as their tokens would lose value without being able to be converted back to fiat currency, despite the assurances given.
This financial incongruity resulted in many investors filing lawsuits, which has brought about the current charges. Seizing the defendant’s assets, the court has already acted, the value of which is at least 3.5 million NT$ ($110,000), thus providing a kind of compensation for the fake investors.
In response to the indictment, Ace Exchange declared on April 8 that David Pan is not associated with Trader’s Paradise, that he has not been related to the day-to-day operations since 2022, and that his accused fraudulent activities were not connected to the platform’s current operations. However, such a guarantee did not help restore Ace Exchange’s trust.
Read Also: US DOJ Fights Back Against Tornado Cash Founder’s MTD Request
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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